Decentralized exchange (DEX), which facilitates trading in perpetual futures contracts, dYdX announced a partnership with Privy. This collaboration aims to enable dYdX users to create new accounts using current email or social media credentials.
Privy offers developer libraries to assist cryptocurrency applications by simplifying the process of onboarding and engaging new users, providing efficient onboarding flows and wallet management solutions. Currently, it is integrated with various consumer cryptocurrency applications, such as Zora, OpenSea, friend.tech, and Blackbird, among others. Over the last year, Privy has successfully onboarded over 2.5 million users.
Privy will enable dYdX users to establish a new wallet and access their accounts using their login credentials. This integration allows new traders to effortlessly create a dYdX wallet by logging in with their social media accounts, eliminating the need to remember a seed phrase.
dYdX’s self-custodial embedded wallet enables users to deposit funds using fiat payment methods, streamlining the process of engaging with trading on the platform and making it seamless and straightforward.
“We’re excited about this upgrade and believe it will help bridge that gap between crypto-curious and power traders,” the dYdX team said in a post on social media platform X, commenting on the new partnership.
We’ve partnered with @privy_io to allow users to set up on dYdX with just their email or social log in Check it out pic.twitter.com/r4RjSDPbLu
— dYdX (@dYdX) April 9, 2024
What’s dYdX? Decentralized Exchange Offers Perpetual Futures Contracts for Over 35 Cryptocurrencies
dYdX operates as a DEX, providing users with the ability to trade perpetual futures contracts for more than 35 cryptocurrencies, including popular options like BTC, ETH, and SOL. dYdX operates on the dYdX blockchain, an open-source application-specific blockchain software built on the Cosmos SDK and CometBFT proof-of-stake (PoS) consensus protocol. dYdX Chain is entirely decentralized, encompassing its consensus mechanism, order book, matching engine, and front end.
According to DefiLlama data, the total value locked on-chain for dYdX is currently recorded at $504.48. Over the past twelve months, the network has generated fees totaling more than $48.59 million.
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