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News

dYdX Chain Upgrade Brings Novel Features And Enhanced Security

August 14, 2024 - Around 2 mins mins to read

Key Points:

  • The dYdX Chain update adds permissionless market listing and MegaVault for better liquidity.
  • MegaVault ensures market liquidity and provides profitable passive income.
  • Users can earn up to $1,500 monthly via referrals, and permissioned keys boost security.
The dYdX Chain upgrade introduces permissionless market listing, MegaVault for liquidity, and permissioned keys for security.
dYdX Chain Upgrade Brings Novel Features And Enhanced Security
dYdX Chain Upgrade Brings Novel Features And Enhanced Security

The biggest update to hit dYdX Chain since it launched will bring a host of pioneering features, including permissionless market listing, MegaVault as master liquidity pool, and permissioned keys enhancing security.

Pioneering Features in the Latest dYdX Chain Upgrade

Permissionless market listing means users can instantly list virtually any market without governance approval. To launch a new market, the user must deposit some USDC into MegaVault, as determined by governance.

According to their official statement, MegaVault will quote orders automatically and thus guarantee liquidity to every new market. The feature has not existed in any other decentralized or centralized exchange and is unique to the dYdX Chain.

MegaVault is the master liquidity pool and market maker for all dYdX Chain markets. The liquidity comes from user deposits, allowing participants to gain profits proportionate to the liquidity pool and earn a share of protocol revenue.

At this expected APR level, it is one of the most profitable strategies for passively earning income for active traders and risk-averse investors.

Read more: Kamala Harris Proposes 28% Crypto Tax Rate For Wealthy Fairness: BBG

Enhanced Security and Affiliate Program

Upgrading, the addition also adds an affiliate program that enables users to earn up to $1,500 monthly per referral by sharing trading fees with invited friends. One must trade a minimum of $10,000 to unlock an exclusive affiliate link.

Permissioned keys will enable controlled access to specific actions, such as depositing or withdrawing funds, to increase wallet security.

By introducing permissioned keys, we’re aiming to provide a more secure and customizable environment for institutional and high-value traders.

Future updates to the refreshed user interface will facilitate easier onboarding and several cool new integrations. These improvements move the dYdX Chain a step further toward democratizing financial opportunities.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.