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dYdX Chain was upgraded to v3.0 on Monday. The upgrade introduced interchain accounts, enabling support for liquid staking protocols to join the Cosmos-based network.
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This upgrade allows users to continue staking and securing the dYdX Chain. It also turns staked DYDX into a liquid asset that can be bought, sold, or used in DeFi applications.
Liquid staking protocols are vying to bring dYdX stakers into liquid staking.
Cosmos-based Stride has opened liquid staking for dYdX. Two other liquid staking providers, Persistence and Quicksilver, are also targeting to offer this service soon.
Stride co-founder Vishal Talashi said, “We are excited to work closely with dYdX to unlock the full value of this infrastructure by bringing StDYDX to DeFi protocols everywhere.”
dYdX Foundation CEO Charles d’Haussy said, “The liquid staking competition is driving innovation in the DYDX staking ecosystem, which is ultimately a good thing for the entire community.”
What is the dYdX Chain?
The dYdX Chain is a Cosmos application chain that facilitates the trading of crypto token derivatives and is the largest platform by volume in the decentralized perpetuals niche.
The network is secured by validators to whom stakers can delegate their the tokens. All protocol fees are redistributed to dYdX stakers and validators in USDC stablecoin.