dYdX Chain Adds Liquid Staking Support in New Release

As per the announcement posted on January 30, dYdX Chain has completed the upgrade to version 3.0, introducing multi-chain account capabilities and advancing liquidity staking on the network.

This addition enables users to stake on dYdX while converting their staked DYDX into liquid assets that can be traded within DeFi applications. All protocol fees will be redistributed to stakers and dYdX validators in USDC.

Charles d’Haussy, the Chief Operating Officer of the dYdX Foundation, stated:

The Liquid Stake race is driving innovation within the DYDX staking ecosystem, ultimately benefiting the entire community.

Stride, a staking protocol for Cosmos blockchains, also announced on January 30 that it supports opening staking pools for dYdX Chain. Additionally, other protocols like Persistence and Quicksilver have shared plans to offer this service in the future.

Since the beta phase and the transition to the mainnet in late November, the Cosmos layer-1 has achieved notable milestones, with the dYdX DEX platform claiming the top position as the largest trading volume exchange, surpassing Uniswap.

Furthermore, dYdX Chain is currently implementing a 6-month-long Incentive Program, allocating over 20 million USD worth of DYDX from the treasury as rewards for early adopters.

Related: How to Use Uniswap: Is Uniswap Easy to Use?

Chart of DYDX

DYDX/USD chart at 7:37 AM on January 30, 2024, on TradingView.