- dYdX upgrade will involve perpetual futures in prediction markets, increasing DeFi.
- New additions include permissionless market listings and a MegaVault liquidity pool.
dYdX, an outstanding decentralized exchange (DEX) that specializes in perpetual futures, is gearing up for a significant expansion by introducing perpetual futures into prediction markets. This move is part of the platform’s impending “unlimited upgrade,” which is scheduled to launch later this year. The move is intended to capitalize on the growing interest in prediction markets, adding a new dimension to decentralized finance (DeFi).
In a recent interview, Charles d’Haussy, CEO of the dYdX Foundation, expressed enthusiasm for the new approach. He emphasized that prediction markets represent a unique potential to revitalize DeFi. By incorporating perpetual futures, dYdX hopes to attract a wide range of users, from crypto enthusiasts to those interested in projecting political, financial, and sports results.
Key Features of the Upgrade
The upcoming improvement is supposed to be game-changing for dYdX. A key highlight will be the introduction of permissionless market listings, which will allow individuals to create and trade prediction markets without the need for central approval. In addition, the upgrade will include a master liquidity pool called MegaVault. This consolidated liquidity source seeks to provide deep liquidity while minimizing traders’ slippage, thereby supporting the expected flood of new customers and various marketplaces.
The expansion is intended not only to increase trading options but also to reignite interest in DeFi, putting dYdX at the forefront of this rapidly evolving industry.
In another key milestone, the dYdX community just voted to stake 20 million DYDX tokens to strengthen the platform’s security. On April 6, the proposal was passed with around 91.7% of the vote, and it entails entrusting the staked tokens to the liquid staking system Stride. This action aims to improve network security and resilience against potential control assaults, demonstrating the community’s commitment to protecting the DEX in the face of increased trading volume.
Furthermore, Bitoro has made progress in decentralized finance by introducing perpetual futures trading on the Injective network and moving to additional networks including as Avalanche, Arbitrum, Optimism, Mantle, and Base. This development demonstrates Bitoro’s commitment to providing varied trading alternatives across the DeFi ecosystem, as perpetual futures contracts allow traders to hold holdings indefinitely.
Overall, these developments represent a substantial shift in the DeFi environment, with dYdX and Bitoro leading the charge to improve trading options and security in the cryptocurrency industry.
