Radar Relay, the wallet-to-wallet decentralized trading platform for Ethereum-based tokens, is the first relayer to support short Ethereum (sETH) trading on a noncustodial venue. sETH is a short position abstracted in an Ethereum token built on the dYdX protocol. This advanced trading option provides users with the ability to hedge portfolio risks through a tokenized short position.
This short token is built on the dYdX protocol. dYdX is a protocol for margin trading and derivatives built on the Ethereum blockchain. This San Francisco based technology company recently announced the completion of their Series A fundraising of USD $10 million led by a16z crypto, a crypto-focused investment fund created this year by Andreessen Horowitz.
[perfectpullquote align=”full” bordertop=”false” cite=”Radar Relay CEO Alan Curtis” link=”” color=”” class=”” size=””] “Over the last year our users have asked for a non-custodial way to hedge their portfolio risk. We’re proud to work with fellow product leader, dYdX, to introduce a new category of short tokens, taking a major leap forward into the decentralized financial future.”[/perfectpullquote]
[perfectpullquote align=”full” bordertop=”false” cite=”dYdX Head of Operations Zhuoxun Yin ” link=”” color=”” class=”” size=””]”Now users can get margin exposure by simply trading an ERC20 token. Decentralized exchanges are a natural platform for Short & Leveraged Tokens, and we’re thrilled that Radar Relay is the first to support them. We’re excited to continue collaborating with the Radar team to build out new types of financial products in the future.” [/perfectpullquote]
The addition of short tokens to Radar Relay is significant as the company continues product leadership in financial offerings amongst the decentralized trading ecosystem. Introducing short tokens provides users the ability to diversify their portfolio while retaining custody of their assets, bringing more accessibility to cryptocurrencies. sETH can be found on Radar Relay today through the advanced trading toggle and traded against the DAI quote.