dYdX Chain Unveils Details of Major Upcoming Upgrade

This autumn, the DeFi platform dYdX will implement a significant upgrade to its blockchain, described by developers as the “most extensive” since the launch of dYdX Chain.

The release of the upgrade, named dYdX Unlimited, includes:

• the introduction of Permissionless Market Listings — users will be able to list almost any market on the platform with instant liquidity without needing to undergo a governance proposal process. A certain amount in USDC will be required;
• the creation of MegaVault — a main liquidity pool that will receive liquidity from dYdX users and act as a market maker for all markets;
• the launch of an Affiliates Program — a referral program allowing participants to earn up to $1500 for each referred client, receive a portion of their fees, and enjoy discounts. Traders with a trading volume of at least $10,000 will be eligible for a referral link;
• the implementation of Permissioned Keys — permissioned keys for enhanced security and improved wallet control. This ensures that only authorized participants can perform certain actions.

“The improvements don’t stop here. In the coming months, you will see much more exciting developments: from new integrations to user interface updates,” the team announced. 

The mainnet of the L1 network, based on Cosmos and the Tendermint consensus protocol, was launched by dYdX developers on October 26, 2023. In November, beta testing began on the blockchain for 33 markets of the platform.

In January 2024, during the update of dYdX Chain to v3.0, the team introduced support for liquid staking of the utility token DYDX. Other enhancements included improvements to the liquidation mechanism, simplification of margin requirements, and strengthening of position closure controls.

Back in April, the network upgrade to v4.0 resulted in a glitch and a halt in block production.