Giant Ethereum Altcoin Announces Update: Many New Features Coming!

Decentralized finance platform dYdX has announced that it will be rolling out new updates to its blockchain network this fall.

As part of the upcoming update, this update, called “dYdX Unlimited,” will allow users to list new token trading markets without requiring management approval. dYdX stated that users will be able to list assets such as Raydium, Ethereum, Base, or any other centralized exchange on a “virtually unlimited” number of markets.

This innovation can be considered as dYdX’s strategy to appeal to a wider user base. Users will have to deposit an amount of USDC, determined by the management, into the new main liquidity pool called “MegaVault” in order to create new markets.

dYdX Chain or dYdX version 4 is known as a Cosmos application chain that facilitates trading of crypto token derivatives. Based on trading volume, dYdX v4 stands out as one of the largest decentralized perpetual swap platforms. On Tuesday, it was reported that dYdX saw over $900 million in trading volume in just one day.

What is the MegaVault Feature?

MegaVault will act as a liquidity pool and market maker to ensure sufficient liquidity in dYdX on-chain markets. “Providing liquidity to dYdX via MegaVault is passive.

Users do not have to choose liquidity for specific markets; instead, they simply deposit their USDC into MegaVault,” the platform said in a statement. This feature can be seen as part of dYdX’s efforts to encourage a wider liquidity pool.

This passive participation could encourage more users to provide liquidity, which could increase the platform’s liquidity and trading volume.