Original source: dYdX
Original author: dYdX
Compiled by: BlockBeats
On the decentralized derivatives platform dYdX, users can securely stake DYDX and earn USDC through Ledger.
Stake DYDX and earn USDC
All fees on the dYdX chain (Taker/Maker fees) are borne by validators and stakers, and are mainly distributed in the form of USDC. This creates a reward mechanism that does not put inflationary pressure on the native token and provides utility to validators and stakeholders.
Validators can set a specific commission rate for any staking rewards assigned to stakers by the protocol, ranging from a minimum of 5% to a maximum of 100% and applicable to each validator’s stakers. This commission will be deducted from the staking rewards allocated to these stakers by the protocol and retained by the relevant validators. Currently, according to data from Minstcan, the average validator commission rate on the dYdX chain is 6.08%.
For details, please refer to the dYdX Foundation’s blog on staking DYDX
As of January 12, 2024, annual interest rates for staking DYDX range from 9% to 25%. This is because the amount of fees dYdX Chain receives depends on the market conditions that day.
Users can see how many rewards have been paid out to stakers and validators so far here
· Since stakers receive rewards in the form of USDC, they don’t have to worry about the volatility of DYDX.
· Since dYdX transaction fees are the source of staking rewards, stakers do not have to worry about inflation of the DYDX token.
DYDX token holders can stake DYDX on any active verification node through Keplr, please refer to this link to check
For information on using Keplr to stake DYDX, please refer to: https://www.dydx.foundation/how-to-stake/keplr-user
So far, dYdX Chain has issued more than 2 million USDC staking rewards to more than 7,500 stakers in less than 2 months since its launch.
Staking securely with Ledger
Staking means that users need to hold DYDX for a long time, and the security issues are very important. Users can easily stake DYDX through Ledger integrated with Keplr.
Here are instructions on how to integrate Ledger with Keplr: https://support.ledger.com/hc/en-us/articles/4411149814417-Set-up-and-use-Keplr-to-access-your-Ledger- Cosmos-Ecosystem-Accounts?docs=true
Liquidity Staking with Stride (Coming Soon)
DYDX token holders can use https://app.stride.zone/ to stake their DYDX for liquidity on Stride. In exchange, holders will receive stDYDX, which will allow them to continue to receive staking rewards while maintaining the liquidity of the token. This will give users the flexibility to simultaneously earn staking rewards and use those tokens in DeFi protocols, or exit their positions immediately without having to wait for dYdX’s 30-day staking cancellation period.
See more information here: https://dydx.forum/t/announcing-stdydx-and-stride-s-initial-host-chain-validator-set/1960
