dYdX started out on Ethereum. However, in October 2023, it launched its own chain. From the beginning, dYdX has been a leading derivatives platforms. Currently, it’s second, measured by market cap for derivative platforms. During the coming fall, it will launch the Unlimited upgrade. That’s the biggest upgrade since it launched.
So, let’s take a closer look at what this dYdX upgrade entails.
Permissionless Market Listing
When you wanted to list a market, you first had to go through a governance proposal. That burden is no longer. You can list pretty much any market without having to wait for governance approval.
When you launch a new market, you need to deposit $USDC into the MegaVault. This vault will instantly start quoting orders in this market. As a result, there’s instant liquidity for all new markets. This is a unique feature, not available on any other DEX or CEX. The picture below shows the current trading app.
Source: dYdX app
Introducing MegaVault
dYdX’s success depends on having enough liquidity in all its markets. This includes new markets, as discussed before. MegaVault solves this potential problem by acting as a master liquidity pool. It’s like a market maker for all dYdX Chain markets.
The liquidity comes from its users. You deposit into this pool and receive rewards. It’s an easy way to earn passive income. There’s no need to pick a specific market, the vault will do that for you.
2/ MegaVault (yea, MEGA)
Serving as a master liquidity pool, the MegaVault sources liquidity from dYdX users, and acts as a market maker for all dYdX Chain markets, including brand new markets.
Deposit $USDC into the MegaVault and participate in the revenue it generates 🫡
— dYdX (@dYdX) August 13, 2024
Affiliates Program
There are various ways to earn income on dYdX. One is with their Affiliate Program. To receive the affiliate link, you need to trade a minimum of $10,000 $USD. Now you can start inviting friends to the platform.
A successful referral can earn you up to $1,500 $USD per month. That’s per referral. You earn a part of their trading fees. They earn discounted rates.
3/ Affiliates Program
Along with the potential to earn up to $1,500 per referral, dYdX affiliates can earn a share of the trading fees accumulated by their friends whilst they enjoy discounted rates.
Trading at least $10k on dYdX will unlock your exclusive affiliate link 🔓
— dYdX (@dYdX) August 13, 2024
Permissioned Keys
With permissioned keys, dYdX will offer the option to increase your wallet’s security. It also improves your control over your wallet. These keys give you specific and controlled access to a wallet. Now, only an authorized person can or can’t perform specific actions in a wallet. For example, actions like depositing or withdrawing funds. This feature aims more at institutional and high-value traders. They are also more likely to have multi-signature wallets and wallets with different user permissions.
The dYdX team has more upgrades in the pipeline. For example, an upgraded UI or easier onboarding.
4/ Permissioned Keys
To enhance the security and control of your wallets, users will have the option to have permissioned keys.
These keys grant specific access to a wallet, ensuring only authorised participants can or can’t perform certain actions.
— dYdX (@dYdX) August 13, 2024
To sum up, dYdX is adding some great new features to its platform later this year. To find out more about Unlimited, you can read their blog.
The current $DYDX price is $1.03. Its market cap is at $639 million. Out of a 1 billion max supply, 619 million tokens already circulate.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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