2024

Bitcoin

<h4><strong>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.</strong></h4> 
<p>So, let’s take a closer look at what this dYdX upgrade entails.</p> 
<h5><strong>Permissionless Market Listing</strong></h5> 
<p>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.</p> 
<p>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 <a href="https://www.altcoinbuzz.io/?s=dex" target="_blank" rel="noopener">DEX</a> or CEX. The picture below shows the current trading app.</p> 
<p><img decoding="async" class="aligncenter wp-image-148489 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-1024x463.png" alt="dYdX app" width="696" height="315" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-1024x463.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-300x136.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-768x348.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-1536x695.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-928x420.png 928w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-696x315.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_-1068x483.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/FireShot-Pro-Webpage-Capture-524-2587.3-ETH-USD-·-dYdX-dydx.trade_.png 1920w" sizes="(max-width: 696px) 100vw, 696px"></p> 
<p style="text-align: center;"><em>Source: dYdX <a href="https://dydx.trade/trade/ETH-USD" target="_blank" rel="noopener">app</a></em></p> 
<h5><strong>Introducing MegaVault</strong></h5> 
<p>dYdX’s success depends on having enough liquidity in all its markets. This includes new markets, as discussed before. <a href="https://dydx.exchange/blog/deep-dive-megavault" target="_blank" rel="noopener">MegaVault</a> solves this potential problem by acting as a master liquidity pool. It’s like a market maker for all dYdX Chain markets.</p> 
<p>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.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">2/ MegaVault (yea, MEGA)</p> 
 <p>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.</p> 
 <p>Deposit <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> into the MegaVault and participate in the revenue it generates <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>— dYdX (@dYdX) <a href="https://twitter.com/dYdX/status/1823402882999218253?ref_src=twsrc%5Etfw">August 13, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Affiliates Program</strong></h5> 
<p>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.</p> 
<p>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.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">3/ Affiliates Program</p> 
 <p>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.</p> 
 <p>Trading at least $10k on dYdX will unlock your exclusive affiliate link <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>— dYdX (@dYdX) <a href="https://twitter.com/dYdX/status/1823402885444509829?ref_src=twsrc%5Etfw">August 13, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Permissioned Keys</strong></h5> 
<p>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 <a href="https://www.altcoinbuzz.io/?s=crypto+wallet" target="_blank" rel="noopener">wallet</a>. 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.</p> 
<p>The dYdX team has more upgrades in the pipeline. For example, an upgraded UI or easier onboarding.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">4/ Permissioned Keys</p> 
 <p>To enhance the security and control of your wallets, users will have the option to have permissioned keys.</p> 
 <p>These keys grant specific access to a wallet, ensuring only authorised participants can or can’t perform certain actions.</p> 
 <p>— dYdX (@dYdX) <a href="https://twitter.com/dYdX/status/1823402887373889728?ref_src=twsrc%5Etfw">August 13, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>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 <a href="https://dydx.exchange/blog/dydx-unlimited-coming-this-fall" target="_blank" rel="noopener">their blog</a>.</p> 
<p>The current <a href="https://www.coingecko.com/en/coins/dydx-chain" target="_blank" rel="noopener">$DYDX price</a> is $1.03. Its market cap is at $639 million. Out of a 1 billion max supply, 619 million tokens already circulate.</p> 
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<p>Disclaimer</p> 
<p>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.</p> 
<p>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.</p> 
<p>Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/product-release/dydx-to-enable-permissionless-listing-with-upcoming-update/">dYdX to Enable Permissionless Listing with Upcoming Update</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

dYdX to Enable Permissionless Listing with Upcoming Update

Altcoin Buzz

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