dYdX Implements Axelar’s Cross-Chain Infrastructure for 1-Click Onboarding
dYdX, a decentralized financial derivatives marketplace, has partnered with Axelar, a leading Web3 interoperability platform, to enable single-click onboarding and offboarding to dYdX v4. This implementation utilizes Squid, a cross-chain transaction builder built on Axelar’s decentralized infrastructure.
The Need for Interoperability in the App-Chain Approach
dYdX has adopted a standalone app-chain model with its latest version, V4. This approach requires flexible and easy-to-use interoperability to onboard users from various blockchain environments, including roll-ups, Ethereum L1, other app-chains, and centralized exchanges.
How Squid and Axelar Enable Seamless Onboarding
dYdX has integrated Squid’s API to support single-click onboarding and offboarding from any of Squid’s supported chains or rollups. Users can deposit funds into their dYdX account directly from other exchanges or within the dYdX front-end in just one click.
“This is where Squid and Axelar come in – an interoperability solution built for this purpose: single-click onboarding from any blockchain environment,” said Nathan Cha, dYdX marketing lead.
About Axelar
Axelar is a full-stack interoperability layer for Web3 that enables seamless integration of diverse networks into an “Internet of blockchains.” It offers developers a simple API and access to various tools and service providers. Axelar is programmable, decentralized, and secured by its proof-of-stake token, AXL.
About dYdX
dYdX is a leading decentralized exchange that aims to build open, secure, and powerful financial products. It operates on audited smart contracts on Ethereum, providing the security and transparency of a decentralized exchange with the speed and usability of a centralized exchange.
About Squid
Squid is a secure cross-chain router that enables interoperability between blockchains and applications. It allows for single-click cross-chain actions such as token swaps, purchases, deposits, and staking. Developers can integrate Squid’s API, SDK, and front-end components to create seamless user experiences for crypto wallet holders.
Hot Take: Enhancing Accessibility with 1-Click Onboarding
The partnership between dYdX and Axelar, utilizing Squid’s cross-chain infrastructure, brings significant improvements to user accessibility in the decentralized financial market. With single-click onboarding and offboarding capabilities, users can seamlessly connect to dYdX v4 from various blockchain environments. This interoperability solution not only enhances convenience but also fosters a more inclusive ecosystem by allowing users to deposit funds directly from other exchanges. By prioritizing flexibility and ease-of-use, this collaboration sets a blueprint for scaling applications in a multichain world.
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