Leading the charge in the decentralized exchange sector, dYdX is ahead of its peers by launching top-tier derivatives products. DeFi Part of the latest suite of additions from the dYdX protocol includes their newest entry: the LINK-based perpetuals. LINK-USD , a perpetual contract based on the Chainlink price .
Perpetual contracts mirror the nature of futures without a set expiry date, allowing traders to speculate on price movements up until they choose to close their positions or face liquidation.
Following up on the earlier launches of BTC-USD and ETH-USD perpetuals, dYdX introduces its third offering: the LINK-USD contract with leverage up to tenfold and settled in USDC.It's no real surprise.
Again emphasizing its volume dominance, the dYdX team highlights how LINK has become the most heavily traded token in the DeFi space.
Embracing Chainlink's verified price data as a robust benchmark for their contracts.
The deployment of these perpetuals heavily relies on sourcing dependable price feeds. Chainlink’s oracle-powered LINK-USD Price Feed, dYdX explained:
The marketplace's keen interest in LINK is complemented by a robust Chainlink oracle infrastructure, boosting confidence in the data's accuracy even amidst market swings.
Chainlink's growing reputation is reinforced again, demonstrating why many DeFi projects find its plug-and-play oracle solutions indispensable.
dYdX Leading the L2 Charge
Observing how dYdX is tackling scalability gives a glimpse into Ethereum's future as it battles constraints.
Indeed, in recent weeks Ethereum gas prices Ethereum transactions have seen price spikes due to high demand, affecting traders significantly.
But with the advent of layer-two solutions, transaction fees and speeds are becoming manageable.
By collaborating with StarkWare, dYdX plans to incorporate StarkEx, a layer-two scaling solution based on zk-Rollups, drastically reducing costs and time for trades.
The integration with StarkEx should be complete by year's end, marking a new era for perpetual contract trading on dYdX.
Enhanced efficiency and reduced transaction friction will drive user engagement with the LINK-USD perpetual, attracting more traders as scalability concerns subside.
dYdX's previous response to Ethereum network congestion involved implementing minimum trade sizes, but upcoming changes promise flexibility, attracting even casual traders.
