Permissionless Market Listing and MegaVault: dYdX Unveils Unlimited Update
- dYdX announces a major update, dYdX Unlimited, scheduled for this fall, allowing users to create new token trading markets without governance approval, a feature unheard of in decentralized exchanges.
- The update introduces the MegaVault, a central liquidity pool enabling instant liquidity for all newly created markets.
- Users depositing USDC into the MegaVault will share in the gains, losses, and revenues generated by the protocol. dYdX Unlimited also includes an affiliate program for users, as well as security enhancements with permissioned access keys.
The decentralized finance platform dYdX announced a significant update to its network, scheduled for this fall.
This update, called dYdX Unlimitedpromises to be the largest since the launch of the dYdX Chain. Among the most anticipated new features, users will now be able to create new token trading markets without the need for governance approval, a feature that is unprecedented in the industry.
dYdX Unlimited, coming soon.
With a series of revolutionary new features, this will be the biggest update to the dYdX Chain since its launch.
Here's what to expect pic.twitter.com/C1dzTIVPJ2
— dYdX Francophone (@dYdXFrance) August 14, 2024
Here's what to expect This article is brought to you in collaboration with the dYdX Foundation. (learn more)
Listing of markets without authorization: a radical change
With dYdX Unlimitedusers will have the ability to list a virtually unlimited number of markets on the dYdX Chain. Whether it's cryptocurrencies or prediction markets, any entity with an oracle price on Raydium, Ethereum, Base, or any centralized exchange can be introduced on the platform.
This approach, unprecedented in decentralized or centralized exchangeseliminates the need for pre-approval, simplifying the expansion of trading offerings. It also provides the opportunity for smaller projects to get listed, without going through lengthy negotiations with platforms or communities.
To create a new market, users will need to Deposit an amount in USDCdetermined by the platform governance, in a new entity called the MegaVaulta central liquidity pool that will play a key role in this new functionality.
MegaVault: A central, passive liquidity pool
MegaVaultthe new feature of dYdXwill be the main engine to ensure sufficient liquidity in all marketsincluding newly created ones. Users can deposit USDC into the MegaVault, without having to choose specific markets. This liquidity pool will act as automatic market maker (AMM), ensuring that each new market has instant liquidity upon launch.
By depositing in the MegaVaultusers will not only share the pool's winnings and losses, but will also receive a share of the revenue generated by the protocoldepending on the decisions of the governance. This approach allows for a passive income strategy, attracting both active traders and more cautious investors.
Affiliate Program and Security Improvements
In addition to the features of listing without permission and of MegaVault, dYdX introduced a affiliate program which allows users to earn rewards by inviting other traders to the platform. Participants will be able to earn a share of their invitees' trading fees, with potential earnings of up to $1,500 per month per referral.
To enhance security, dYdX will also introduce permissioned access keysgiving users more granular control over access to their wallets. This feature is particularly interesting for institutional traders, allowing them to set specific permissions for various actions such as deposits and withdrawals.
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