Cryptocurrency exchange dYdX will introduce its biggest network update since its launch this fall. The developers of dYdX promise new features that have not previously been available on any decentralized or centralized exchange. This is stated in the official announcement of the platform.
Automatically adding markets
One of the most significant new features will be the ability to create markets without the need for approval from the platform management. Users will be able to instantly add to the dYdX Chain New cryptocurrencies; Prediction markets; Synthetic assets; and Derivative financial instruments.
source: dydx.exchange
To launch, a certain amount of USD Coin (USDC) must be paid through a new mechanism called MegaVault. It will provide liquidity for all new markets.
What is MegaVault?
MegaVault is a key part of the upgrade. This master liquidity pool will act as a market maker for all markets on the platform. Any user will be able to deposit funds into MegaVault and receive a share of the profits it generates, as well as a share of the revenues of the entire dYdX platform. However, the main advantage of the innovation is that it provides an opportunity for passive income. Thanks to MegaVault, all markets will have enough funds for trading, which will make them more stable.
The master pool is intended for a wide range of users:
-Active traders can use MegaVault as an additional source of income;
-Investors – to diversify their portfolio and generate passive income.
dYdX Affiliate Program
As part of the update, dYdX will also launch an affiliate program that will allow users to earn money by attracting new traders. Participants in this program who trade at least $10,000 will receive an exclusive affiliate link that they can use to invite friends to the platform.
For each user they invite, they will receive a share of the commission. Invited users, in turn, will have access to discounts on transaction fees.
According to the dYdX team, the affiliate program offers the opportunity to earn up to $1,500 per month for each trader invited.
Additional updates also include:
-The ability to use keys with limited access rights;
-Updated interface;
-Easier registration process.
The dYdX crypto exchange launched its own network at the end of October last year. Then the project moved to a new unique tokenomics scheme .
About dYdX Exchange
dYdX is one of the leading decentralized crypto exchanges focused on trading perpetual contracts. It operates on the Ethereum blockchain. According to Coinmarketcap, trading volumes exceed $1.2 billion per day at the time of writing. For improved scaling, dYdX, together with StarkWare, created a second-level protocol with the StarkEx mechanism – this made trading operations for clients much faster and cheaper, and the minimum limit for making a transaction was also reduced. Users have the opportunity to trade with leverage up to 25x.
The post dYdX Network Readies for Game-Changing Upgrade! first appeared on The VR Soldier.
