TLDR
- This autumn, dYdX is set to revolutionize its blockchain platform with a significant upgrade.
- Among the enhancements is the ability to list markets without needing approval, empowering users to freely add any market.
- One of the standout features is MegaVault, a comprehensive liquidity pool supporting all market activities.
- Security upgrades now include controlled wallet access through permissioned keys, enhancing overall security.
- The platform will also debut an affiliate program, enabling users to earn by bringing new participants onto the network.
The decentralized crypto platform dYdX has announced an exciting new upgrade of its platform. Planned for release this fall, this update is designed to improve user experience and market access. A highlight of the update is a feature that lets users add market listings to the dYdX Chain without needing governance approval. To put up a new market, users need to provide a deposit into MegaVault, with the amount dictated by dYdX’s governance rules.
MegaVault acts as the central liquidity provider, servicing all markets within the expansive dYdX ecosystem. USD Coin (USDC) It caters to both existing and newly created markets via permissionless listing. By depositing USDC into MegaVault, users can earn from its generated revenue, part of which includes protocol income.
According to dYdX, participants in MegaVault can look forward to receiving attractive APRs. Investors won't have to allocate liquidity to specific markets, as the funds will effortlessly make markets across the board. Deposits and withdrawals can be made anytime, but pulling out funds might involve slippage, depending on market dynamics.
Alongside these changes, dYdX's security feature called permissioned keys will allow users to specify who can engage with their wallet for deposits or withdrawals, catering especially to traders dealing with higher stakes. This builds a pathway for additional third-party functionalities on the dYdX Chain.
A fresh affiliate scheme is also set to go live this fall. Traders reaching a $10,000 threshold will get an elite affiliate link to invite newcomers to dYdX. Participants in the affiliate initiative can collect a share of their invitees’ trading fees, potentially earning as much as $1,500 a month per referral.
These upcoming features aren't currently offered by other decentralized or centralized trading platforms. dYdX considers this upgrade as pivotal to expanding financial access in the decentralized finance arena.
Aligned with their 2024 roadmap, dYdX had laid out plans earlier to introduce nimble perpetual market deployment services for assets with oracle pricing data.
Although the exact release date hasn't been made public, dYdX assures that these features are in the works and will launch soon. A facelift for the user interface is also planned, along with a streamlined onboarding experience for novices.
Following the announcement, dYdX's native token appreciated by 2.77% as investors reacted positively.
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