dYdX Chain developers add support for liquid staking of the native token DYDX

The service is deployed as part of the v3.0 upgrade

30.01.2024 - 10:57

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Last updated on Aug 5, 2024

What’s new? The developers of the dYdX decentralized exchange (DEX) based on their own dYdX Chain blockchain in the Cosmos ecosystem have added support for liquid staking of the DYDX native token as part of the v3.0 upgrade. This will allow users to continue to keep DYDX staked, securing the network while converting locked coins into liquid assets that can be traded or used in DeFi applications.

Source: Twitter.com

What else is known? As part of the upgrade, the liquidation mechanism has been improved, with a more controlled approach to closing positions. Margin requirements have also been simplified.

Stride, Persistence, and Quicksilver protocols, also intend to add support for dYDX liquid staking shortly, The Block reports.

The dYdX team decided to move the project to the Cosmos ecosystem due to the slow transaction processing speed in Ethereum. The dYdX Chain was deployed on October 26 last year, with a beta testing phase from November 13 to 28, followed by a full-fledged launch.

On December 1, dYdX unlocked 150 million native tokens DYDX worth $475 million. The unlocked volume amounted to 30% of the coins allocated to investors and project team members.

As of January 30, 10:50 UTC, DYDX ranks 67th in the cryptocurrency ranking with a capitalization of over $1,082 billion and is trading at $2,87, having added 4,5% overnight. Weekly growth, according to the CoinGecko aggregator, amounted to 7,2%.

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