dYdX Chain adds liquid staking support with latest upgrade

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Cosmos-based dYdX Chain now supports liquid staking on the network.

dYdX Chain was upgraded to its v3.0 version today. The upgrade introduced interchain accounts, enabling support for liquid staking protocols to join the Cosmos-based network.

This move allows users to continue to stake and secure the dYdX Chain, while converting staked DYDX into a liquid asset that can be traded or utilized in DeFi applications

Liquid staking protocols are competing to onboard the dYdX stakers to liquid staking.

Cosmos-based Stride plans to open up dYdX’s liquid staking today. Two other liquid staking providers, Persistence and Quicksilver, also aim to offer the service in the near future. “We’re thrilled to be working closely with dYdX to unlock the full value of that infrastructure by bringing stDYDX to DeFi protocols everywhere,” said Stride co-founder Vishal Talashi in a statement.

“The Liquid Staking competition is driving innovation in the DYDX staking ecosystem, which is ultimately good for the entire community,” Charles d’Haussy, CEO of dYdX Foundation, said.

What is dYdX Chain?

dYdX Chain is a Cosmos appchain 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 dYdX tokens. All protocol fees are redistributed to dYdX stakers and validators in USDC stablecoin.


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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.



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