dYdX Chain v3.0: Support for Liquid Staking, Security and Usability Improvements
The developers of dYdX Chain, a decentralized cryptocurrency derivatives exchange, have released an update to version 3.0. Key changes include support for liquid staking, security improvements, and usability improvements.
Liquid Staking
Liquid staking allows users to participate in staking DYDX tokens while still being able to use them as collateral for trading derivatives. To do this, dYdX Chain integrated support for LSP protocols, which allow the issuance of derivatives based on locked assets.
This functionality has already attracted a number of decentralized projects, including Stride, Persistence, and Quicksilver. They plan to launch similar services in the near future.
Security Improvements
The v3.0 update also improved the liquidation mechanism. It is now more controlled, which reduces risks for users. In addition, margin requirements have been simplified, making trading on dYdX Chain more accessible to beginner users.
Overall, the v3.0 update is an important step for dYdX Chain. It makes the exchange more functional, secure, and user-friendly.
Additional Information:
- dYdX Chain was launched in 2023 and quickly became one of the leading decentralized cryptocurrency derivatives exchanges.
- In August 2023, the total trading volume on dYdX Chain exceeded $1 trillion.
- In July 2023, the project team launched a public testnet, and in October, the main network.
- Since November 2023, users have been able to trade on dYdX Chain on more than 33 perpetual contracts markets with up to 20x leverage.