Cosmos-based dYdX Chain now supports liquid staking on the network.
dYdX chain was upgraded today to the v3.0 version. The upgrade introduced interchain accounts, allowing 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 the DYDX stake into a liquid asset that can be traded or used in DeFi applications
Liquid staking protocols compete to get the dYdX stakers on board for liquid staking.
Cosmos-based Stride plans to open dYdX’s liquid staking today. Two other liquid staking providers, Persistence and Quicksilver, are also aiming to offer the service in the near future. “We are excited to work closely with dYdX to unlock the full value of that infrastructure by bringing stDYDX to DeFi protocols everywhere,” Stride co-founder Vishal Talashi said in a statement.
“The Liquid Staking competition drives innovation in the DYDX staking ecosystem, which is ultimately good for the entire community,” said Charles d’Haussy, CEO of dYdX Foundation.
What is dYdX chain?
dYdX Chain is a Cosmos app chain that facilitates crypto token derivatives trading 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.
About the 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 all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of 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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