dYdX Joins Forces With Privy to Enhance User Onboarding Journey
In Brief
In partnership with Privy, dYdX is now allowing its users to establish new accounts using either their existing email or social media profiles.
Decentralized Exchange (DEX) that specializes in facilitating trades of perpetual futures contracts, dYdX announced a partnership with Privy This partnership is designed to give dYdX users the ability to sign up using their current email or social media accounts.
Privy provides developers with resources to streamline the onboarding of cryptocurrency applications, creating user-friendly onboarding processes and wallet management tools. It's currently used by several consumer-facing crypto applications, including Zora and Blackbird, among others, with over 2.5 million users onboarded in the past year. OpenSea , friend.tech This integration enables users to easily set up a new wallet on dYdX using their social media logins, sidestepping the hassle of remembering complicated seed phrases.
Privy will enable dYdX The embedded self-custodial wallet offered by dYdX allows users to fund their accounts through fiat payment options, making their trading experiences smooth and hassle-free.
"Thanks to our collaboration with Privy, getting started with dYdX Chain is now as simple as using your email or social media accounts. This efficient approach not only speeds up the onboarding process but also improves safety for users. It dismantles traditional entry obstacles, allowing newcomers to dive into the perpetual trading landscape seamlessly,\" explained James Hallam, dYdX Foundation's Head of Business Development. \"With this newfound accessibility, dYdX Chain is becoming more inviting for everyday users, potentially broadening the audience and fostering a more diverse and rapidly growing community,\" he added.
This makes it possible for users to create an account on dYdX using just their email or social media login 💡
dYdX functions as a DEX, allowing participants to trade perpetual futures contracts across a wide array of over 35 cryptocurrencies, including notable ones such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The platform runs on the
This operates on the blockchain, an advanced open-source blockchain tailored specifically for applications, developed using the Cosmos SDK and employing the CometBFT proof-of-stake (PoS) consensus protocol. Everything from the consensus mechanism, order book, matching engine to the user interface is fully decentralized within dYdX Chain. dYdX As per data from DefiLlama, dYdX currently boasts a total value locked on-chain of $504.48 million. In the last year, this network has generated an impressive total of over $48.59 million in fees.
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In line with the Trust Project guidelines Alisa, a committed journalist with Cryptocurrencylistings, focuses her expertise on cryptocurrency, zero-knowledge proofs, investment strategies, and the vast Web3 ecosystem. With her sharp insight into emerging trends and technologies, she provides in-depth articles to keep readers informed and engaged in the constantly changing digital finance arena.
