dYdX is preparing to ship its “biggest upgrade” since its launch. Right from permissionless market listing to MegaVault and permissioned keys, the dYdX team has a bunch of feature releases lined up that will be put to sea this fall.
Called dYdX Unlimited, the dYdX Chain will allow users to list new markets to trade tokens sans requesting for approvals.
The permissionless market listings with automatic liquidity feature ain’t available on any other centralized or decentralized exchange, the team claims. Via a recent blog post, they asserted,
“Users will be able to instantly list virtually any market on dYdX Chain without requiring governance approval.”
Users who launch a new market will have to deposit USDC into the MegaVault.
The MegaVault will, in turn, act like a “master liquidity pool” that will serve as a market maker for all dYdX Chain markets.
Orders will start getting quoted on the market by the MegaVault to ensure all new markets are bestowed with instant liquidity. The master liquidity pool will amass its liquidity from users.
Typically anyone can deposit into MegaVault to get a piece of its revenue pie. That being said, it should be noted that LPing on dYdX via MegaVault will be passive.
This means users will not have to select specific markets to put in their funds. They just ought to deposit USDC into the MegaVault.
The dYdX team is also building an option to enable permissioned keys for users. This will help bolster security and provide a customizable environment for institutional and high-value traders.
The dYdX v4 a.k.a. the dYdX Chain is a Cosmos app chain that fosters derivatives trading. The value of funds locked on the protocol is currently hovering around its ATH of $159.6 million. Meanwhile, the chain has fostered a volume of $837.22 million over the past day.
