Cosmos-based dYdX Chain Now Supports Liquid Staking
dYdX Chain has undergone an upgrade to its v3.0 version, allowing for liquid staking protocols to join the network. This enables users to stake and secure the dYdX Chain while converting staked DYDX into a liquid asset that can be traded or used in DeFi applications.
Liquid Staking Providers Compete for dYdX Stakers
Several liquid staking providers are vying to onboard dYdX stakers to their platforms. Cosmos-based Stride plans to offer dYdX’s liquid staking today, while Persistence and Quicksilver aim to provide the service in the near future. The competition in the DYDX staking ecosystem is driving innovation and benefiting the entire community.
What is dYdX Chain?
dYdX Chain is a Cosmos appchain that facilitates the trading of crypto token derivatives. It is the largest platform by volume in the decentralized perpetuals niche. The network is secured by validators, and stakers can delegate their dYdX tokens to these validators. All protocol fees are redistributed to dYdX stakers and validators in USDC stablecoin.
Hot Take: Liquid Staking Expands Possibilities for dYdX Chain
The recent upgrade of dYdX Chain to support liquid staking opens up new opportunities for users. By converting staked DYDX into a liquid asset, traders can easily participate in DeFi applications and explore trading possibilities. With multiple providers competing to offer liquid staking services, the DYDX staking ecosystem is experiencing innovation and growth. This development ultimately benefits the entire community by expanding the functionality and value of the dYdX Chain.
By
By
By
By