dYdX Chain has been successfully upgraded to version 5.0.0, which introduces several improvements to the blockchain platform. The dYdX Chain, which is specifically designed to enable high-performance decentralized trading, now includes new features such as isolated markets and margin, batch order cancellation and the Slinky price oracle provided by Skip Protocol.
Key highlights:
The dYdX Chain has been upgraded to version 5.0.0.
The new isolated margin mode adds flexibility to risk management.
The Slinky oracle solution will enable markets from Raydium and other DEXes to also become available on dYDx Chain.
The dYdX Chain trading app is now also available on Android devices.
A set of improvements for dYdX Chain
The newly introduced Isolated margin mode allows users to allocate collateral to specific trading positions without having to source margin from their entire portfolio. This introduces new risk management options, as a position in Isolated margin mode doesn’t affect the margin requirements of other positions. According to the dYdX Foundation, this feature could enable hundreds of new markets to become available on the dYdX Chain.
Meanwhile, the launch of the Slinky oracle solution allows the dYdX Chain to query real-time prices directly from decentralized exchanges on a per-block basis, with refresh rates measured in milliseconds. At launch, the Slinky oracle on dYdX Chain can query prices from the Solana-based Raydium decentralized exchange, which opens the door for Raydium markets to be listed on dYdX Chain.
Thanks to this upgrade, dYdX community members will be able to propose new markets for cryptocurrencies that trade on Raydium but aren’t yet available on dYdX Chain.
Another recent development for the project is that the dYdX Chain trading app is now also available on Android mobile devices in addition to iOS devices.
A DEX with the user experience of a CEX
The dYdX trading platform allows users to trade a large variety of cryptocurrencies in a fully decentralized manner, even though the user experience is similar to trading on a centralized exchange.
dYdX also differentiates itself from decentralized exchanges such as Uniswap by offering access to leverage, allowing users to enter positions larger than the amount of capital they commit to the position. The protocol supports leverage of up to 20x, which is lower than what’s offered by centralized trading platforms but should still suffice for the majority of traders.
At the time of writing, the most active market on dYdX is ETH/USD, with $487 million in trading volume and $71 million in open interest. BTC/USD is in second place, with $368 million in volume and $47 million in open interest.
Through dYdX’s governance system, users can propose new markets to be added to the dYdX platform. Such proposals are approved or rejected by the community of DYDX token holders.