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Chorus One Announces Staking Support for dYdX v4 as a Genesis Validator!

Chorus One
Chorus One
October 26, 2023
5 min read
October 26, 2023
5 min read

The latest and fourth iteration of dYdX, the dYdX Chain is officially live! This new version, built using the Cosmos SDK is the latest addition to the bolstering Cosmos ecosystem and marks a momentous event in the future of DeFi. Chorus One is immensely proud to be a genesis validator for dYdX v4, overseeing the unique off-chain, in-memory order book trading system within the network.

Introducing dYdX v4

Since 2017, dYdX has emerged as a leading cryptocurrency trading platform. It has facilitated the trading of over $1 trillion in assets via Ethereum's smart contracts. With dYdX v4, the platform has transitioned into a standalone chain within the Cosmos ecosystem. By embracing the Cosmos SDK, dYdX gains the advantages of enhanced decentralization, scalability, and unrivaled customizability.

Evolution of dYdX

In 2017, dYdX ventured as an Ethereum Layer 1 application. However, it faced challenges, particularly concerning scalability and high gas fees. In response, they shifted to an Ethereum-based Layer 2 solution, a move that successfully alleviated the fee issue but introduced elements of centralization.

Now, with v4, dYdX introduces a fully open-sourced, off-chain order book primed for seamless scalability. By aligning with the Cosmos ecosystem, dYdX positions itself to harness the full spectrum of decentralization, customizability, and scalability.

Our comprehensive explainer covers all things dYdX, including an in-depth look at their transition to Cosmos and Chorus One's continuous engagement with dYdX since its inception. Check it out, here.

How can you obtain and use dYdX v4 tokens?

The dYdX v4 token, DYDX, serves a variety of purposes. Most significantly, users can not only participate in governance proposals but also contribute to the network's overall operation and security by staking their dYdX v4 tokens and earning rewards for their work.

However, to use and stake dYdX v4 tokens, the dYdX Chain needs to onboard users from various platforms, including rollups, Ethereum L1, other app-chains, and centralized exchanges, to its Cosmos version.

To simplify this, we have developed a unique bridging solution which lets you swiftly move your DYDX tokens from Ethereum to Cosmos, and even stake them simultaneously in the same transaction. To bridge your DYDX from Ethereum to Cosmos, check out our detailed guide here.

Alternatively, if you already have DYDX tokens in the Cosmos ecosystem, you can directly stake them with Chorus One using your Keplr wallet, as explained here.

Staking DYDX with Chorus One: Key Information

*Since DYDX inflation goes to traders, dYdX stakers, in contrast, will receive 100% of the trading fees that are paid out in USDC.

To learn more about how you can get started with staking DYDX with Chorus One, don’t hesitate to reach out to us at staking@chorus.one.

About Chorus One

Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.