Introducing Liquid Staking on dYdX Chain
dYdX Chain has recently implemented an upgrade that introduces liquid staking protocols to its Cosmos-based network, alongside the introduction of interchain accounts. This upgrade enhances the DeFi ecosystem by allowing users to stake their DYDX tokens and transform them into liquid assets, known as ‘stDYDX,’ which can be utilized in various DeFi applications while still generating staking rewards.
Stride: The First Protocol to Integrate DYDX’s Liquid Staking
The pioneer in offering DYDX’s liquid staking is Stride, a decentralized protocol built on Cosmos. Users can now deposit their DYDX tokens into liquidity pools, specifically ‘stDYDX/DYDX,’ and earn staking rewards in the form of STRD tokens, currently yielding an APY of 15.5%. Additionally, other protocols such as Quicksilver and Persistence will also offer DYDX’s liquid staking on their platforms.
The enthusiastic statements from Stride’s co-founders and dYdX Foundation’s CEO highlight the significance of this development for the community, anticipating a positive impact on the entire DeFi ecosystem. This integration provides users with flexibility and new investment opportunities within the ecosystem.
