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Cryptocurrency News Articles
dYdX Unlimited: The Crypto Trading Platform Set to Transform Decentralized Finance (DeFi)
Nov 19, 2024 at 03:12 am
The crypto trading platform dYdX is set to unveil dYdX Unlimited this November, an upgrade it expects to transform decentralized finance (DeFi).
Cryptocurrency trading platform dYdX is set to unveil "dYdX Unlimited" this November in a move it anticipates will change decentralized finance (DeFi). The upcoming update will introduce Instant Market Listings, allowing users to list and trade perpetual futures on any asset without needing governance approval or third-party intermediaries.
dYdX Unlimited brings Instant Market Listings for easy trading
As part of dYdX Unlimited's strategy, users will be able to add a market by depositing 10,000 USDC into the central liquidity pool, called MegaVault. This deposit will unlock instant liquidity for new markets, and the funds will be locked for 30 days before they can be freely withdrawn.
While MegaVault supports individual markets, it also boosts general protocol liquidity, allowing those contributing to earn yield while enabling efficient trading.
MegaVault serves a dual purpose, supporting individual markets while also boosting overall protocol liquidity. Contributors can earn yield through the pool, ensuring robust liquidity for seamless trading operations.
The vault will allow users to deposit liquidity and earn a portion of its revenue. The exchange noted that depositors will also receive a share of protocol revenue, which will be determined by its governance.
According to dYdX, this mechanism will generate a high annual percentage rate (APR) for its participants. Moreover, MegaVault depositors will not have to select which markets to provide liquidity for, as the funds will be automatically market-making across multiple markets.
dYdX Unlimited to change DeFi with better user rewards
Unlike traditional decentralized and centralized exchanges, dYdX Unlimited offers an easy way to create new markets, enabling users to enjoy a seamless trading experience.
In addition to the enhanced functionality, dYdX Unlimited introduces a revamped Trading Rewards program to actively encourage user participation and market growth. The platform's new Affiliates Program also fosters expansion by building partnerships with community members and influencers, driving collaboration and network growth.
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