We've developed a unique bridging solution that makes it possible for users to move their dYdX tokens to Cosmos, AND stake the tokens - all in just one go! To bridge and stake your DYDX, visit our novel bridging page
Who is this guide for: Users who wish to move their DYDX tokens from Ethereum to Cosmos + stake their tokens with Chorus One.
If you already have your DYDX tokens in the Cosmos ecosystem, you can stake them directly using your Keplr wallet, as explained here.
Step 1: Connect your Ethereum and Cosmos Wallets on Chorus One’s bridging page
Step 2: Enter the amount you want to Bridge and Stake
Step 3: Approve the Chorus One Bridge to interact with your wallet in order to stake your DYDX tokens
Step 4: Pre-Sign the transaction on your Cosmos/Keplr Wallet
Step 5: After 48 hours, your staking transaction will be completed through Chorus One!
Introducing Chorus One's Bridge and Stake solution for DYDX
The DYDX token, part of dYdX v4, serves a multi-faceted role. It empowers users to actively engage in governance decisions while also playing a crucial role in maintaining the network's operations and enhancing its security by staking their tokens.
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. Traditionally, bridging tokens from Ethereum to the Cosmos ecosystem has been a cumbersome activity.
To simplify the process and make staking on Cosmos a breeze for our customers, we have developed a novel solution, using dYdX's original bridging smart contract, that enables you to move your DYDX tokens from Ethereum to Cosmos in a swift, seamless transaction. Not only that, our bridging solution also allows you to stake your DYDX in the same flow, providing added convenience and efficiency!
To recap, dYdX v4 is the latest iteration of dYdX, one of the most prominent decentralized exchanges and premier trading platform for cryptocurrency. The DEX initially launched as an Ethereum-based Layer 2 solution and has now made a significant move by transitioning to its dedicated blockchain, known as the dYdX Chain (or dYdX v4), built using the Cosmos SDK. We've compiled all the essential information about the chain, complete with an in-depth exploration of their move to Cosmos and Chorus One's ongoing involvement with dYdX since the very outset. Check it out here.
1- Bridge & Stake in just 1 transaction: Our bridge offers a remarkably streamlined process for transferring DYDX tokens from Ethereum to Cosmos, setting a new standard in the industry. But it doesn't end here. You can take it a step further by staking your DYDX within the same transaction, allowing you to bridge and stake your DYDX simultaneously in one smooth action.
2- Simplified Onboarding: Our solution enables users from diverse platforms, including rollups, Ethereum L1, other app-chains, and centralized exchanges, to seamlessly join the dYdX Chain on Cosmos.
3- Security Assurance: Our bridging solution is underpinned by a meticulously audited smart contract, ensuring a straightforward and secure staking experience for users. The bridge contract underwent a thorough audit during its development by dYdX. Additionally, when it comes to our frontend and backend, we've adhered to strict secure software development practices as outlined by ISO requirements.
With an understanding of why we developed this bridging solution and how it enhances your staking experience, let’s proceed to a step-by-step walkthrough of utilizing our bridge.
*Since DYDX inflation goes to traders, dYdX stakers, in contrast, will receive 100% of the trading fees that are paid out in USDC.
2. To begin staking DYDX tokens with Chorus One, visit Chorus One’s bridging page and connect a) the Ethereum wallet that has DYDX tokens and b) the target Cosmos wallet where you wish to transfer the tokens to.
The next step helps you to pre-sign the staking transaction so that the tokens will be staked as soon as they reach the dYdX Chain, and you will be notified by us when the process has been completed if you choose to submit your email address.
We’re happy to answer any questions you may have! For any support queries, please visit here. Alternatively, if you’d like to learn more about staking with Chorus One, get started with staking, or anything else, please reach out to us at firstname.lastname@example.org
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.