- dYdX sets up Phantom Wallet, which expands user trading options.
- The dYdX Unlimited upgrade enhances trading opportunities and capital efficiency.
The dYdX Foundation has announced the integration of the popular Phantom Wallet, which will considerably improve accessibility to its DeFi protocol. This strategic move intends to simplify the interaction of Phantom’s huge consumer base with dYdX, providing users with an outstanding trading experience.
Phantom joins Keplr, OKX Wallet, Coinbase Wallet, and MetaMask as suitable non-custodial wallets on the dYdX Chain. Users can now connect their Phantom wallets to dYdX’s order book, depositing $USDC tokens and starting trades on the platform. This development has the potential to expand dYdX’s ecosystem to more than 7 million users.
Charles d’Haussy, CEO of the dYdX Foundation, highlighted the significance of this connection, saying that it comes after the integration of Raydium markets on Solana into dYdX. This move allows Phantom’s users to directly use the dYdX DeFi protocol, which will benefit professional traders.
Enhanced Trading Opportunities and Security
Phantom is known for its quick Web3 onboarding process and user-friendly design, which aligns with dYdX’s objective to enhance DeFi accessibility. This integration follows just ahead of the next release of dYdX Unlimited, which promises to be the most extensive upgrade at this point potentially redefining the protocol’s possibilities.
The future upgrade will bring nearly infinite markets, including prediction and crypto-asset markets, supported by an upgraded liquidity pool. This will improve trading opportunities and capital efficiency while giving users more control over their wallets, considerably increasing security for dYdX traders.
Since the debut of its own blockchain network, the dYdX Chain, in October 2023, dYdX has made numerous significant upgrades. In the last 24 hours, the project’s native token, dYdX (DYDX), has witnessed a 2.38% fall and is trading at $1.05. The token has increased by 10.3% in the last week and by an impressive 18.2% in the last two weeks.
The dYdX Foundation assumes that integrating Phantom Wallet would not only improve the overall trading experience but also pave the path for future advancements in the decentralized financial field. This collaboration is a significant milestone in increasing the accessibility and utility of DeFi, and adapting to a larger audience.
