— Radar Relay (@RadarRelay) October 24, 2018
sETH is a product of dYdX, a San Francisco-based startup developing open-source protocols for decentralized margin and derivative trading. The company closed a $10 million Series A earlier this month from top investors including Andreessen Horowitz and Polychain Capital.
According to the announcement, Radar Relay users can now trade sETH directly from their wallets, just as they would any other ERC-20 token on the platform. Similar to other shorting products, each dYdX token has an expiration date that is clearly labeled on the platform.
sETH’s margin protocol works to aggregate spot and lending liquidity across multiple exchanges. It is also available on Expo, a platform developed by dYdX that will eventually allow investors to trustlessly lend, borrow and margin trade any ERC-20 token.
ETH has suffered from significant downward pressure this year, in part due to significant short-interest on Bitfinex. The project is currently trading at $200.02 with a market cap of $20.52 billion, making it the 2nd largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.