TL;DR
- New Update: dYdX Chain will launch the dYdX Unlimited upgrade this fall, allowing for market listing without governance approval.
- MegaVault: MegaVault, a liquidity pool, is introduced that will allow users to deposit USDC to provide liquidity and share in protocol revenue.
- Affiliate Program and Permissioned Keys: An affiliate program with significant rewards will be launched and permissioned keys will be implemented to improve the security and control of wallets.
dYdX Chain is about to receive its biggest update since launch, with the introduction of a number of innovative features that promise to transform the cryptocurrency exchange landscape.
This upgrade, dubbed dYdX Unlimited, will launch this fall and will allow users to list new token markets without the need for prior governance approval, a significant advancement in the decentralized and centralized exchange space.
The new permissionless listings functionality will allow users to create and list almost unlimited markets on dYdX Chain.
Users will be able to select from a vast range of markets, including cryptocurrencies and prediction markets, and launch new markets without having to go through the governance approval process.
To start a new market, users will need to make a USDC deposit into the MegaVault, the protocol’s new master liquidity pool.
MegaVault will begin quoting orders automatically to ensure immediate liquidity in all new markets.
MegaVault is presented as a key solution to ensure adequate liquidity across all dYdX Chain markets.
This liquidity pool is fed by user deposits, who not only contribute to the provision of liquidity but also participate in the revenue generated by MegaVault.
Depositors will share in the pool’s profits and losses and receive a share of the protocol’s revenue, with a high APR upfront.
This approach allows users to provide liquidity passively, without the need to select specific markets, representing a passive income strategy for a wide range of investors.
dYdX will introduce an affiliate program that will allow users to earn rewards
Those who trade at least $10,000 will be able to get an exclusive affiliate link and earn up to $1,500 per month per referral.
Permissioned keys will also be implemented to improve the security and control of wallets, allowing more specific and controlled access to them.
These innovations underscore dYdX’s commitment to democratizing access to financial opportunities and improving user experience in the DeFi ecosystem.
The dYdX Unlimited upgrade promises to not only expand the capabilities of the chain, but also offer new revenue and security opportunities for users.
With a revamped user interface and the addition of new features, dYdX is positioned to lead the future of decentralized exchanges.
As we get closer to the launch of this update, the dYdX community and crypto enthusiasts can look forward to a number of improvements and new functionalities that will further cement dYdX’s position as a key player in the DeFi space.
The introduction of MegaVault and the affiliate program are important steps towards creating a more accessible and lucrative trading environment for everyone.
