dYdX Upgrade – New Market Listings and MegaVault Introduced

dYdX Launches Innovative Features with MegaVault and Market Listings

This fall, dYdX will release the most noteworthy update to its blockchain since its start. This version is expected to include outstanding capabilities that will transform the way consumers engage with decentralized and centralized exchanges.

One of the most notable features of this upgrade is permissionless market listing. Starting this autumn, users will be able to list almost any market on the dYdX Chain without the need for governance permission. This means that you can now develop markets for cryptocurrencies, prediction markets, and other services without waiting for approval.

Here’s How it Works

Users will visit dYdX and select the option to launch a new market from a vast range of choices. To get started, the user must deposit a specific amount of USDC (as decided by governance) into what’s known as the MegaVault. Once this deposit is made, MegaVault will automatically begin providing orders for the new market, ensuring it has immediate liquidity.

This feature is unique in the world of exchanges, offering an ease of use and liquidity that’s not available anywhere else, whether on decentralized or centralized platforms.

Introducing MegaVault – Your New Liquidity Hub

Say hello to MegaVault, the latest innovation from dYdX designed to keep all markets liquid, including new ones. MegaVault acts as a master liquidity pool and serves as a market maker across all dYdX Chain markets.

How does it work? MegaVault collects liquidity from users who deposit USDC into it. These depositors benefit not only from the liquidity provided but also share in the profits MegaVault generates. They also receive a portion of the protocol’s revenue, leading to potentially high annual percentage returns (APR).

What makes MegaVault exciting is its passive nature. Users don’t need to pick specific markets for their liquidity to support; they simply deposit their USDC into MegaVault and let it do the work. Whether you’re a frequent trader or someone who prefers a more laid-back approach, MegaVault offers a chance to earn passive income.

dYdX’s Affiliate Program – Turn Your Network into Earnings

dYdX is also launching an affiliate program, allowing users to earn money by inviting others to trade on the platform. Start by trading at least $10,000 to unlock your exclusive affiliate link. Share this link with friends, and you’ll earn a share of their trading fees while they enjoy discounted rates.

The rewards are significant, with potential earnings of up to $1,500 per month per referral. For those who think they can bring in more, there may be additional bonuses and perks based on community governance. Keep an eye out for updates!

Permissioned Keys – Enhanced Security for Wallets

To boost security and control, dYdX is introducing permissioned keys. These keys provide controlled access to wallets, ensuring that only authorized participants can perform specific actions like deposits or withdrawals. This feature aims to enhance security for institutional and high-value traders, providing a customizable and secure environment.

The introduction of permissioned keys might also pave the way for third-party integrations with dYdX Chain. If you’re interested in developing on dYdX, reach out to their business development team at bd@dydx.exchange.

What’s Next for dYdX?

Along with these exciting enhancements, consumers can expect a revised user interface, simplified onboarding procedures, and some unique new integrations in the coming months. This new chapter for dYdX aims to introduce new and exciting innovations to the platform.

About dYdX

dYdX is dedicated to making financial opportunities accessible to everyone. With this major upgrade, dYdX Chain takes a significant step forward in achieving that mission. If you’re passionate about the future of decentralized finance (DeFi) and want to be part of the team, check out the job opportunities at dYdX and see what it’s like to work with them.

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Also read – Bybit Enhances Market Integrity with New Listing Framework