dYdX Announces Major Upgrade with Permissionless Listings & MegaVault

TLDR

• dYdX is introducing a major upgrade to its blockchain platform this autumn
• The upgrade includes permissionless market listing, allowing users to list any market without approval
• A new feature called MegaVault will serve as a master liquidity pool for all markets
• Enhanced security measures include permissioned keys for controlled wallet access
• An affiliates program will allow users to earn by referring others to the platform

Decentralized cryptocurrency exchange dYdX has revealed plans for a significant upgrade to its platform. Set to launch this autumn, the update introduces several new features aimed at enhancing user experience and market accessibility.

The most notable addition is permissionless market listing. This feature will allow users to list any market on the dYdX Chain without needing governance approval. To list a new market, users must deposit a certain amount of USD Coin (USDC) into a new system called MegaVault. The required deposit amount will be determined by dYdX’s governance mechanism.

MegaVault is another key component of the upgrade. It will function as a master liquidity pool, providing liquidity for all markets across the dYdX network.

This includes both existing markets and new ones created through the permissionless listing feature. Users can deposit USDC into MegaVault and receive a share of the revenue it generates, including a portion of protocol revenue.

dYdX claims that this system will produce high annual percentage rates (APR) for investors. MegaVault depositors won’t need to choose specific markets to provide liquidity for, as the funds will automatically market-make across various markets. Users will be able to deposit and withdraw their USDC from MegaVault at any time, though withdrawals may be subject to slippage based on market conditions.

To enhance security, dYdX is introducing permissioned keys. This feature allows users to define who can make deposits or withdrawals from a wallet. It’s particularly aimed at institutional traders and high-value users who require strict security measures. The permissioned keys system may also open the door for future third-party integrations with the dYdX Chain.

An affiliates program is also part of the autumn upgrade. Users who trade at least $10,000 will receive an exclusive affiliate link to invite others to join dYdX. Affiliates can earn a share of their referrals’ trading fees, with potential earnings of up to $1,500 per month for each referral.

dYdX states that these features are not currently available on other decentralized or centralized exchanges. The company views this upgrade as a significant step in democratizing access to financial opportunities in the decentralized finance (DeFi) space.

The upgrade aligns with dYdX’s 2024 roadmap, which was released earlier this year. At that time, the team highlighted plans to introduce software for quick deployment of perpetual markets for any asset with available oracle price data.

While the exact launch date hasn’t been announced, dYdX says the new features are still under development and will be released in the coming months. The company also plans to refresh its user interface and simplify the onboarding process for new users.

The announcement of the upgrade has had a positive impact on dYdX’s native token, which saw a price increase of 2.77% following the news.