21Shares has launched a physically-backed DYDX ETP, providing institutional investors with regulated access to dYdX's on-chain derivatives. Announced on September 11, 2025, this initiative aligns with dYdX's strategy to expand into real-world assets and enhance trading features, targeting the $100 trillion global derivatives market. Supported by the dYdX Treasury subDAO and kpk, the ETP aims to bridge traditional finance with DeFi, simplifying institutional access. The launch coincides with dYdX's plans to introduce Telegram trading and integrate spot trading, starting with Solana, while also exploring perpetual contracts for real-world assets. This development represents a significant step in merging traditional finance infrastructure with DeFi protocol revenues.