dYdX Launches MegaVault, Allowing Users to Provide USDC Liquidity on the dYdX Chain
In Brief
dYdX has rolled out MegaVault, a groundbreaking feature that empowers users on the dYdX Chain to deposit USDC, supply liquidity across various markets, and earn returns in the process.
Decentralized exchange (DEX) dYdX This platform, designed for trading perpetual futures contracts, has introduced a new tool named MegaVault. This feature lets users on the dYdX Chain deposit their USDC, contribute liquidity to various markets, and also earn a yield in return. The funds deposited are subsequently utilized to run automated market-making strategies throughout the dYdX Chain ecosystems.
With MegaVault, users can deposit and withdraw USDC at their convenience, starting to earn yields almost instantly. Essentially, when you make a deposit, it’s as if you own a portion of the vault’s overall equity. However, be prepared for potential \"slippage\" during your experience, influenced by MegaVault's status and prevailing market conditions.
Additionally, the returns might come from the profit and loss (PnL) of vault positions, a share of the revenues generated from trading fees, and possible rewards initiated by both community members and software developers.
Moreover, managing the MegaVault may require some manual interventions, like moving USDC between specific market-oriented \"sub-vaults\" or tweaking settings within these \"sub-vaults\" that dictate the vault’s quoting strategy and functionality. An “operator,” elected via governance procedures, will take on these responsibilities.
dYdX Chain Upgrades to Version 5.1.0, Exceeding $200 Billion in Total Transaction Volume
It operates as a permissionless exchange This platform focuses on perpetual futures trading and offers two primary features: the dYdX Chain and dYdX V3. The dYdX Chain acts as a Layer 1 network using Delegated Proof-of-Stake (DPoS) consensus, built on the Cosmos SDK, and is supported by the CometBFT mechanism. Recently, dYdX the dYdX Chain underwent an upgrade to version 5.1.0, bringing along significant performance enhancements, updates to Slinky, and an overall improved experience for Vault users.
The dYdX V3 serves as a perpetual futures trading exchange that operates on a Layer 2 protocol developed in partnership with StarkWare. It utilizes the StarkEx scalability engine of StarkWare and integrates dYdX’s Perpetual smart contracts.
The project has recently reported that the total transaction volume on the dYdX Chain has surpassed $200 billion, doubling the previous benchmark of $100 billion reached in April.
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