DYdX Unveils 2024 Roadmap Including Permissionless Market Deployment

DYdX, the leading decentralized perpetuals exchange, has unveiled its roadmap for 2024.

Announced on Jan. 5, the project will focus on building out Permissionless Markets, improving core trade execution, and improving its onboarding and user experience.

“Our mission at dYdX is to democratize access to financial opportunity by building a best in class product experience for DeFi,” dYdX said. “All projects described in this blog post are currently being researched.”

The roadmap follows the launch of dYdX v4 in the form of a Cosmos-based appchain in November. DYdX v4 now ranks as the leading decentralized exchange by 24-hour trade volume with $466.1M, beating out the spot-only Uniswap v3 with $370.3M, according to CoinMarketCap.

Permissionless Markets

The introduction of Permissionless Markets aims to allow traders to list and trade any asset without going through the currently requisite governance process.

The team plans to introduce software allowing the fast deployment of perpetual markets for any asset so long as an oracle can provide price data for the asset, without requiring technical expertise from users. Instant liquidity will be provided for the markets via dYdX’s LP Vaults.

“Currently, all new market listings must go through governance, which can take days or weeks to complete end to end, and require participation by many different parties,” dYdX said. “Permissionless Markets aim to remove the friction of that process entirely, and create a streamlined way for any trader to instantly create a new market.”

Permissionless Markets will support both cross-margin and isolated-margin accounts to bolster the protocol’s risk controls.

Core trading upgrades

DYdX will also focus on improving the infrastructure of its off-chain orderbook and matching engine.

The upgrades will include revamped charting, reducing the latency and slippage of trade order execution, and introducing isolated positions. The protocol will also begin supporting for clients using a variety of coding languages, including C++, Rust, and Go.

DYdX will also launch social trading features, including logins via the X social media network, and a leaderboard displaying the trade history and open positions for accounts that opt-in to the upcoming feature.

Onboarding and user experience improvements

The exchange also hopes to improve its onboarding experience by expanding the on-ramping mechanisms available to users.

DYdX’s current onboarding experience consists of connecting to the protocol using a wallet supporting Ethereum Virtual Machine (EVM) smart contracts, deriving a dYdX Chain wallet, and then bridging assets onto the platform. DYdX describes the process as“time-consuming and costly,” resulting in a non-ideal experience for users.

The team aims to integrate with popular centralized exchanges, enabling users to easily bridge funds from third-party platforms onto dYdX, reducing fees and speeding up the process. DYdX noted that users can already onboard from Coinbase using USDC.

The platform will also introduce support for more wallets, including the OKX wallet.