dYdX Chain Adds Liquid Staking Support in New Version Arigatou
dYdX Chain, the blockchain developed by the DEX platform dYdX, has added liquid staking support in its latest version, v3.0.
According to the announcement on January 30, dYdX Chain has completed its upgrade to version 3.0, introducing multi-chain account features and the development of liquid staking on the network.
1/6 🎉 The dYdX Chain Protocol v3.0 Upgrade has been successfully implemented at block height 7147832.
— dYdX Ops subDAO (@dydx_ops_subdao) January 29, 2024
🫶Thanks to everyone who voted and contributed!
What does the upgrade change?
Keep reading 👇 pic.twitter.com/0PidV3jC8f
This addition allows users to stake on dYdX while converting staked DYDX into liquid assets that can be traded within DeFi applications. All protocol fees will be redistributed to stakers and validators in USDC.
Charles d'Haussy, CEO of the dYdX Foundation, stated:
“The Liquid Stake race is driving innovation in the DYDX staking ecosystem, ultimately benefiting the entire community.”
Stride, a staking protocol for Cosmos blockchains, also announced on January 30 the support for staking pools for dYdX Chain. Additionally, other protocols like Persistence and Quicksilver have shared their plans to offer this service in the future.
1/5 Announcing Stride's first new LST of 2024 - stDYDX 🎉
— Stride (@stride_zone) January 29, 2024
Say goodbye to the 30 day unbonding period of DYDX. Now, you can be fully liquid while still earning staking rewards.
Notably, stDYDX auto-converts USDC staking rewards to staked DYDX.
Details 🧵 pic.twitter.com/pAIygzevoG
Since the beta phase and transition to mainnet at the end of November, the layer-1 on Cosmos has achieved notable milestones, with the dYdX DEX becoming the top exchange by trading volume, surpassing Uniswap.
Moreover, dYdX Chain is currently running a 6-month "Incentive Program," allocating over $20 million in DYDX from the treasury as rewards for early adopters and traders.
