dYdX Unveils dYdX Unlimited Update, Allowing Users to Create New Token Trading Markets without Governance Approval
dYdX, a decentralized finance platform, has announced a major update to its network scheduled for this fall.
This update, called dYdX Unlimited, is expected to be the most significant since the launch of dYdX Chain. One of the most anticipated features is that users can now create new token trading markets without the need for governance approval, a unique functionality in the sector.
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Listing Tokens Without Approval: A Radical Change
With dYdX Unlimited, users will have the ability to list an almost unlimited number of markets on dYdX Chain. Whether it is cryptocurrencies or prediction markets, any entity with an oracle price on Raydium, Ethereum, Base, or any centralized exchange can be introduced on the platform.
This approach, unprecedented in both decentralized and centralized exchanges, eliminates the need for prior approval, simplifying the expansion of trading offerings. It also allows smaller projects to be listed without lengthy negotiations with platforms or communities.
To create a new market, users will need to deposit a sum in USDC, determined by the platform’s governance, into a new entity called the MegaVault, a centralized liquidity pool that will play a key role in this new feature.
MegaVault: A Centralized and Passive Liquidity Pool
MegaVault, the new feature from dYdX, will be the main engine to ensure sufficient liquidity in all markets, including newly created ones. Users can deposit USDC into the MegaVault without having to select specific markets. This liquidity pool will serve as an automatic market maker (AMM), ensuring that each new market has instant liquidity upon launch.
By depositing into the MegaVault, users will not only share in the pool’s gains and losses, but also receive a share of the protocol’s generated revenue, according to governance decisions. This approach allows for a passive income strategy, attracting both active traders and more cautious investors.
Affiliate Program and Security Enhancements
In addition to the permissionless listing and MegaVault features, dYdX is introducing an affiliate program that allows users to earn rewards by inviting other traders to the platform. Participants can earn a share of their invitees’ trading fees, with potential earnings of up to $1,500 per month per referral.
To enhance security, dYdX will also introduce permissioned access keys, providing users with granular control over access to their wallets. This feature is particularly beneficial for institutional traders, allowing them to set specific permissions for various actions such as deposits and withdrawals.
