Welcome to Extreme Investor Network, where we bring you exclusive insights and updates in the world of cryptocurrency and blockchain technology. Today, we are excited to share with you the latest development in the dYdX Chain ecosystem.
dYdX Chain, a leading decentralized finance (DeFi) platform, is gearing up for a major upgrade this month with the integration of Skip Protocol’s Market Map. This strategic partnership aims to enhance market parameters and ensure the safety of current markets, setting the stage for a broader release in the near future.
A Brief History of dYdX and Skip Connect
In a recent software upgrade, the dYdX Chain integrated with Skip Connect, a price oracle developed by Skip Protocol (formerly known as Slinky). This integration paved the way for dYdX Chain to explore over 800 new potential markets, including assets from the Solana ecosystem.
Introducing the Market Map
Building on the success of Skip Connect, Skip Protocol has introduced the Market Map. This innovative tool empowers operators to actively manage and update market parameters, expanding the scope of potential new markets while ensuring the security of existing ones. The Market Map represents a significant step towards realizing the vision of unlimited permissionless markets.
Implementing the Market Map
The integration of the Market Map into the live deployment of the dYdX Chain will require a governance vote by token holders. If approved, a designated ‘Market Mapper’ will be appointed to oversee the Market Map. The Market Mapper will be responsible for updating liquidity, reference prices, and metadata of existing markets, as well as safely introducing new markets to the chain. While this role is centralized, it is subject to governance votes and can be revoked by the community if needed.
Furthermore, the Market Mapper will have a revenue sharing mechanism, which can be decided upon through governance votes to ensure fair compensation for their services. This crucial step aims to maintain a secure and efficient market environment within the dYdX Chain ecosystem.
Stay Updated with dYdX and Skip Protocol
dYdX expresses excitement over the active community that continues to drive integrations and enhancements within the dYdX Chain software. For the latest updates, be sure to follow dYdX and Skip Protocol on Twitter.
Terms and Conditions
Please note that the information provided pertains to the default settings of the dYdX Chain open-source software developed by dYdX Trading Inc. As the described features are still under development, they are subject to change. It is important to highlight that dYdX does not operate the dYdX Chain software for public use and services are not available to residents or entities in the United States or Canada. We encourage users to conduct independent research and seek advice from professional advisors before making any financial decisions.
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