Exciting Upgrade for dYdX Chain: Integrating Skip Protocol’s Market Map
The dYdX Chain is gearing up for an exciting upgrade this month by integrating Skip Protocol’s Market Map. This integration will enhance market parameters and ensure safety, paving the way for future developments in the fall.
A New Era for dYdX and Skip Connect
In a recent development, the dYdX Chain software has merged with Skip Connect, previously known as Slinky. Skip Protocol’s creation, Skip Connect, serves as a price oracle for dYdX Chain markets, enabling access to over 800 potential markets, including assets from Solana.
Meet the Market Map
Building on the success of Skip Connect, Skip Protocol has introduced the Market Map. This feature empowers operators to actively manage and update market parameters, expanding the potential for new markets while safeguarding existing ones. The Market Map aims to bring the vision of limitless permissionless markets to fruition.
Integration Process for Market Map
- The integration of the Market Map into the live deployment of the dYdX Chain will necessitate a governance vote by token holders.
- If the community votes favorably, they will select a ‘Market Mapper’ to oversee the Market Map.
- The Market Mapper will be responsible for updating liquidity, reference prices, and metadata of current markets, as well as safely introducing new markets on the chain.
- Although centralized, the Market Mapper’s role is contingent on governance votes and can be revoked by the community at any time.
Revenue Share and Community Empowerment
- The Market Mapper will feature a revenue-sharing mechanism, subject to governance approval, to ensure equitable compensation for their contributions.
- This step plays a vital role in fostering a secure and efficient market environment for all participants.
dYdX is thrilled about the active community engagement that continues to enhance the dYdX Chain software. Stay updated on the latest developments by following dYdX and Skip Protocol on Twitter.
Legal Disclaimer: The information presented pertains to the default configurations of the dYdX Chain’s open-source software developed by dYdX Trading Inc. The described features are in progress and subject to modifications. dYdX does not operate or deploy the dYdX Chain software for public use. These services and products are not accessible to individuals or entities in the United States or Canada. This content does not constitute financial, legal, tax, or investment advice. Users should conduct independent research and seek professional guidance before making any decisions.
Hot Take: Embrace the Future of dYdX Chain with Market Map Integration
Get ready to witness the evolution of the dYdX Chain with the innovative integration of Skip Protocol’s Market Map. This enhancement promises to elevate market parameters, ensure safety, and unlock new opportunities for growth and expansion. Stay tuned for the exciting developments ahead!
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