Binance, the world’s largest digital asset ecosystem, has officially integrated the DYDX mainnet into its platform.
The new integration allows Binance users to deposit and withdraw dYdX tokens directly to and from their accounts. Additionally, it enables interaction with a variety of decentralized applications.
The dYdX Chain is the Cosmos application chain that enables trading in crypto derivatives and ranks first in volume in the decentralized perpetual currency sector. Users can delegate their dYdX tokens to validators who help secure the network. All fees collected by the protocol are then paid to both dYdX stakers and validators in USDC stablecoin.
Binance said it will start allowing withdrawals of the token on the network once there are enough deposits. With the completion of the DYDX mainnet integration, Binance joins a growing list of crypto exchanges and wallet providers, including OKX, that are adopting the network.
The DYDX Chain is an open source, standalone, fully decentralized application chain that includes everything from the protocol and command line to the front end.
Earlier in November, the DYDX chain launched a new upgrade that introduces cross-chain accounting services, allowing liquid staking protocols to integrate with the Cosmos-based network. This upgrade enables users to maintain their staking activities and secure the DYDX chain, while turning the collected DYDX into a tradable liquid asset usable for DeFi applications. Liquid staking protocols are now competing to attract DYDX holders to benefit from their services.
Concerns arose when dYdX switched away from Ethereum, as there were doubts about its ability to regain the same level of activity seen in previous iterations. Ethereum has a much higher usage compared to the Cosmos ecosystem. However, dYdX’s trading volumes now exceed those of Uniswap and other Ethereum-based coins, which seems to validate the company’s decision to switch ecosystems.
DIDX specializes in facilitating the trading of perpetual futures contracts, which include contracts with no expiration dates. This enables investors to speculate on the prices of underlying assets without the need for physical settlement typical of standard futures trading.
The platform recently upgraded to version 4, describing it as a fully decentralized chain in contrast to the previous version 3, which the company admitted was not fully decentralized. While DYDX plans to eventually shut down version 3 on Ethereum, no specific shutdown date has been announced yet.
