One of the biggest hurdles to onboarding to dYdX as well as remaining an active user of the platform continues to be the gas costs associated with depositing to dYdX.
To remedy this issue, we are excited to share that starting immediately, dYdX Trading Inc. will be covering gas costs for all new users who deposit at least $1000 $USDC on their first deposit (then at least $2000 $USDC for subsequent deposits). We will also be covering gas costs for any existing users who deposit at least $2000 $USDC in one transaction (limited to once every three days per user). To power this feature, we are excited to work with Biconomy.
Additionally, we are excited to share that users can now swap certain ERC20 assets directly for $USDC via the 0x API, and deposit in the same transaction directly via the dYdX front-end. Now, users who come to dYdX without any $USDC in their wallet can easily acquire it and onboard to the exchange in one seamless manner. dYdX will also cover the gas costs associated with this transaction for all eligible users.
What do I have to do to receive gasless deposits?
If you are a new user, simply deposit $1000 $USDC or more for your first deposit (then $2000 $USDC or more for subsequent deposits). For all other users, deposit $2000 $USDC or more. There will be a prompt in the app that confirms your deposit will be gasless.
Is my 0x swap gasless as well?
Yes, your swap will be gas free if the resulting $USDC deposit is $1000+ (for new users) or $2000+ for existing users (subject to once per 3 days).
How long will the gasless deposits last for?
We intend to run this feature for the foreseeable future. However, we reserve the option to edit or wind down the feature at any time.
What assets can I swap for $USDC via the 0x integration?
The initial assets we will be facilitating swaps for are:
AAVE
COMP
DAI
ETH
WETH
LINK
MATIC
MKR
UNI
$USDC
USDT
WBTC
We may expand this list of assets in the future, should there be sufficient demand and liquidity.
Why do I have to set an allowance?
Both existing and new users will have to set a one-time allowance for $USDC and any other ERC20 asset they may be swapping via 0x. Existing users will have to reset their $USDC allowance since we are launching a new deposit proxy address to power this feature.
How often can I receive a gasless deposit?
Whether you are a new user depositing for the first time or an existing user, you can only receive a gasless deposit once every three days.
Why can’t I receive a gasless deposit with ETH?
There is a technical limitation that prohibits Biconomy from enabling gasless deposits for ETH. As a solution, any user who wants a gasless deposit for ETH should first wrap their ETH to WETH and then deposit to dYdX. ETH can be easily wrapped to WETH on 1inch or Uniswap.
About dYdX
dYdX is the developer of a leading decentralized exchange on a mission to build open, secure, and powerful financial products. dYdX runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. We combine the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.