This autumn, we’ll release the biggest upgrade to dYdX Chain since launch–introducing a range of features never before seen on any decentralized or centralized exchange.
Let’s dive into the details of our autumn release.
Permissionless Market Listing
Users will be able to instantly list virtually any market on dYdX Chain without requiring governance approval.
So, how does it work? Users will head to dYdX and choose to launch a new market from a list of virtually unlimited* markets including cryptocurrencies and prediction markets. The user who launches a new market will be required to deposit a certain amount of USDC—determined by governance—into what we call the MegaVault (more on this in the next section). The MegaVault will then automatically begin quoting orders on that market, ensuring instant liquidity for all new markets.
We are incredibly excited about permissionless market listings with automatic liquidity because this feature is not available on any other DEX or CEX.
Introducing MegaVault (Yes, it’s as sick as it sounds)
Ensuring sufficient liquidity on all markets, including brand new markets, is one of the most important factors for the success of dYdX Chain. MegaVault addresses this issue by serving as a master liquidity pool that acts as a market maker for all dYdX Chain markets.
MegaVault sources its liquidity from users. Anyone can deposit into MegaVault and participate in the revenue it generates. Depositors will not only share in MegaVault's P&L, but also receive a share of protocol revenue determined by governance, resulting in an anticipated high APR.
Providing liquidity on dYdX through MegaVault is passive. Users do not need to select specific markets to provide liquidity for; instead, they simply deposit USDC into the MegaVault.
We are excited about MegaVault because it not only provides liquidity but also introduces a passive income strategy for anyone ranging from degen trader to risk-averse farmer. Learn more about the nitty-gritty of MegaVault here.
Affiliates Program
Turn your network into a lucrative venture for everyone with the dYdX affiliate program! Trade at least $10,000 to unlock your exclusive affiliate link, then invite friends to dYdX. You'll earn a share of their trading fees while they benefit from discounted rates—a win-win for everyone! With the potential to earn up to $1,500 per month per referral, the rewards are substantial.
If you’re more into side quests or think you’ll far exceed this amount, there may be additional bonuses and perks, pending community governance - stay tuned
Permissioned Keys
We’re building the option for users to have permissioned keys to enhance security and control over their wallets. Permissioned keys grant specific, controlled access to a wallet and ensure only authorized participants can or cannot perform certain actions, such as depositing or withdrawing funds.
By introducing permissioned keys, we’re aiming to provide a more secure and customizable environment for institutional and high-value traders.
This could also open the door for third parties to integrate with dYdX Chain. If you’re interested in building, please reach out to our BD team at bd@dydx.echange.
And somehow that’s not all. In the next few months users can expect to see a refreshed UI, easier onboarding, and some very exciting integrations. We can’t wait for this next chapter at dYdX and hope to see you all there.
About dYdX
dYdX’s mission is to democratize access to financial opportunity. We believe that the dYdX Chain represents a large step forward in service of that mission.
If building the future of DeFi is something you’re interested in, check out what it’s like to work at dYdX and our open roles!
Join the discussion on Discord, participate in the dYdX community, or follow us on Twitter.
Learn more at dydx.exchange.
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*At launch users can expect to be able to list markets with an oracle price on Raydium, Ethereum, Base, or any centralized exchange.