dYdX Chain Developers Introduce Liquid Staking Support in Protocol Upgrade
Date: 2024-01-30 Author: Dima Zakharov Categories: BUSINESS
The dYdX Chain Protocol v3.0 Upgrade, successfully implemented at block height 7147832, brings a game-changing feature to the crypto world. The upgrade integrates Inter Chain accounts, enabling support for LSP protocols. The most notable addition is the support for liquid staking of the DYDX utility token, opening up new possibilities for token holders.
In addition to DYDX trading, users can now utilize their staked DYDX tokens in various DeFi applications. Stride is planning to launch a similar service soon, followed by offerings from Persistence and Quicksilver, as reported by The Block.
The v3.0 upgrade also includes the following improvements:
1. Enhanced liquidation mechanism.
2. More controlled approach to position closures.
3. Simplified margin requirements.
Established in 2020, the dYdX platform has grown to become a leading decentralized crypto derivatives exchange with a cumulative trading volume exceeding $1 trillion as of August 2023.
It's worth recalling that on July 5th, the project's team activated a public testnet based on Cosmos and Tendermint consensus protocol. The mainnet's genesis block was formed on October 26th.
On November 13th, users gained access to trading on over 33 perpetual contract markets via the dydx.trade platform, offering leverage of up to 20x. This recent upgrade positions dYdX Chain as a prominent player in the evolving DeFi ecosystem.
