Today, the dYdX Foundation highlights the launch of Liquid Staking on the dYdX Chain.
Liquid Staking allows users to continue to stake and secure the dYdX Chain, whilst converting staked DYDX into a liquid, fungible asset (a liquid staking token or LST) that can be traded or utilized in DeFi applications, among other things. Liquid Staking further unlocks liquidity for the DYDX token by enabling Stakers to avoid the 30 day un-bonding period. Further, users leveraging Liquid Staking may continue to earn dYdX Chain staking rewards while using the applicable liquid-staked DYDX tokens in applications like liquidity pools or lending protocols, greatly enhancing overall accessibility.
Charles d’Haussy discusses the launch of Liquid Staking: “Liquid staking is removing the barriers to entry for staking, enabling anyone to participate in the Decentralized Finance economy. The Liquid Staking competition is driving innovation in the DYDX staking ecosystem, which is ultimately good for the entire community.”
Another benefit to Liquid Staking solutions is that they generally optimize for decentralization and enhanced security by delegating DYDX tokens across a large subset of Validators in the active set.
Liquid Staking launches on the dYdX Chain today 29 January through: Stride, the largest Liquid Staking provider in the Cosmos Ecosystem and within the next days/week throughPersistence, a purpose-built Layer 1 on a mission to maximize liquid staking yield, and Quicksilver, an Interchain Liquid Staking solution for the Cosmos ecosystem.
Vishal Talashi, Co-Founder of Stride: “The launch of the dYdX Chain was a pivotal advancement in trading infrastructure. We're thrilled to be working closely with dYdX to unlock the full value of that infrastructure by bringing stDYDX to DeFi protocols everywhere.”
Mikhil Pandey, CSO at Persistence Labs: “We are very excited to bring DYDX Liquid Staking on the Persistence One Chain. stkDYDX is a significant milestone in our journey to create a Liquid Staking economy. stkDYDX is uniquely positioned to assist further decentralizing the dYdX Chain, create DeFi utility for liquid staked DYDX, and benefit the community.”
Vish Modali, Co-Founder at Quicksilver Zone: “Let's embrace dYdX's journey into the interchain with an exclusive Liquid Staking solution tailored for autonomy: Your Stake, Your Choice. Select any dYdX Chain Validator. Quicksilver will happily empower the dYdX community to take charge of their own security and governance decisions.”
This exciting new feature of the dYdX Chain unlocks new benefits for users, enhances liquidity, increases security and stability of the Chain and contributes to decentralization of the Validator set. Visit Stride to see the dYdX Chain Liquid Staking solution today. Persistence and Quicksilver solutions will be available within the next days/week.
About the dYdX Foundation
The dYdX Foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.
The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain or its software be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever.
The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose.Any third parties mentioned in this post are independent from and unaffiliated with the dYdX Foundation, and the dYdX Foundation is not responsible for any action taken by them or any other third parties, including content set forth on any third-party websites, such as any links to such content in this post. The dYdX Foundation is not responsible for any actions taken by any third parties who use dYdX Chain software or any implementations thereof.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance, or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. The dYdX Foundation does not participate in governance decisions to be made by the dYdX community, including, without limitation, by voting on governance proposals. The dYdX Foundation makes no guarantees and is under no obligation to undertake any of the activities contemplated herein.
Legitimacy and Disclaimer
dYdX Foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance. Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX community is sovereign to make decisions freely from time to time, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. Community discussion and interaction on the contents of this post are encouraged. The dYdX Foundation does not directly participate in governance decisions to be made by the dYdX community, including, without limitation, by making and/or voting on governance proposals.
The dYdX Foundation may change, update or complement its analysis or opinions expressed in this post in the future and assumes no obligation to publicly disclose any such change or update. This post is solely based on the information available to the dYdX Foundation at the time it is made and should only be read and taken into consideration at the time it is made and on the basis of the circumstances that surround it.
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