dYdX announced new trading pairs on its decentralized exchange. SOL-USD and SUSHI-USD pairs are now available for DEX’s users. The addition of Solana and SushiSwap tokens is part of a pre-announced plan in dYdX that aims to support more tokens and projects in the platform. The new pairs are now available to all users out of the United States. New markets will be added soon to dYdX, according to the latest announcement.
Supporting More Decentralized Projects
Decentralized exchanges are the answer to the traditional challenges of crypto-trading. They try to remove the worries about censorship and limits that a centralized exchange may bring to the ecosystem. But many of them lack the support for tokens while trying their best to add as many projects as possible. It’s the reason that DEXs are always partnering with innovative blockchain projects to support new tokens and trading pairs. dYdX is one of the most active ones in this scene that announced two new supported projects, Solana and SushiSwap.
Solana and SushiSwap are among the most popular projects in the blockchain world. Each of them focuses on a particular problem to solve and has been successful in creating a significant user base. When exchanges support these projects and their native tokens, we can expect a considerable rise in trading volume in them. It’s the reason dYdX has chosen SOL and SUSHI as two of the first additions to a yearly plan. The DEX plans to launch more markets in the coming months.
Like many other decentralized exchanges, dYdX plans to surpass centralized exchanges in trading volume and supported assets. The plan continues by adding one or two new tokens per week in dYdX to expand the platform as fast as possible.
As mentioned above, SOL-USD and SUSHI-USD are two new markets to dYdX decentralized exchange. Each of them is added with a dedicated spec that you can see in the announcement post. The specs are almost similar for both tokens. Regarding the funding, dYdX explains:
“Funding payments are credited or debited at the start of each hour and are included in the realized PnL for the position. The funding premium is scaled so as to have a realization period of 8 hours (8-hour funding rate).”
dYdX is one of the many smart contract-based exchanges on Ethereum. The platform aims to support famous tokens as well as innovative newbies to expand market share in competition with giants like Uniswap and SushiSwap.
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