Binance users can now directly deposit and withdraw dYdX tokens
Binance users can now directly deposit and withdraw dYdX tokens
Binance, the world’s largest digital asset ecosystem, has officially integrated the dYdX (DYDX) mainnet into its platform.
The new integration allows Binance users to directly deposit and withdraw dYdX tokens to and from their accounts. Additionally, it enables interaction with a variety of decentralized applications (DApps).
dYdX Chain is a Cosmos appchain that enables trading in crypto token derivatives and holds the top spot in volume within the decentralized perpetuals sector. Users can delegate their dYdX tokens to validators who help secure the network. All the fees collected by the protocol are then paid out to both dYdX stakers and validators in USDC stablecoin.
Binance said it will start allowing withdrawals for the token on this network as soon as there are enough deposits. With the completion of dYdX’s mainnet integration, Binance joins a growing list of crypto exchanges and wallet providers, including OKX, to adopt the network.
The dYDX Chain is an open-source, standalone app-chain that’s completely decentralized, packing everything from the protocol and orderbook to the front end.
Earlier in November, dYdX Chain launched a fresh upgrade that introduces interchain accounts, allowing liquid staking protocols to integrate with the Cosmos-based network. This upgrade enables users to maintain their staking activities and secure the dYdX Chain while transforming their staked DYDX into a tradable and usable liquid asset for DeFi applications. Liquid staking protocols are now vying to attract dYdX stakers to their services.
Concerns arose when dYdX shifted away from Ethereum, as there were doubts about its ability to regain the same level of activity seen in previous versions. Ethereum boasts considerably higher usage compared to the Cosmos ecosystem. However, dYdX’s trading volumes now surpass those of Uniswap and other Ethereum-based exchanges, which seem to validate the company’s decision to switch ecosystems.
dYdX specializes in facilitating perpetual futures trading, which involves contracts without expiry dates. This enables investors to speculate on underlying asset prices without the need for physical settlement typical in standard futures trading.
The platform recently upgraded to v4, branding it as a “fully decentralized” chain unlike its prior v3 iteration, which the company admitted was not fully decentralized. While dYdX plans to eventually shut down v3 on Ethereum, no specific closure date has been announced yet.