Key Takeaways
- DYdX is introducing perpetual futures in prediction markets as a part of its dYdX Limitless improve.
- The initiative features a grasp liquidity pool, MegaVault, to boost market liquidity.
Share this text
dYdX, one he decentralized change plans to launch perpetual futures on prediction markets as a part of efforts to differentiate itself from centralized buying and selling platforms and appeal to extra customers to decentralized finance.
Charles d’Haussy, CEO of dYdX Basis, revealed that they’re working to permit customers to position leveraged bets on binary occasion outcomes by way of perpetual futures contracts. In response to d’Haussy, decentralized finance (DeFi) wants to supply distinctive merchandise to distinguish from centralized platforms. The exec additionally claims that prediction markets might give DeFi a brand new alternative to regain consideration. This transfer into prediction markets is a part of the upcoming dYdX Limitless improve anticipated later this 12 months.
dYdX Limitless
The dYdX Limitless improve will introduce a number of new options, together with permissionless itemizing of markets and a grasp liquidity pool referred to as MegaVault. Customers will have the ability to suggest itemizing any market on the dYdX chain, with the protocol actively sustaining worth and market parameters. The neighborhood is already experimenting with a overseas change buying and selling pair tied to the Turkish lira.
To facilitate liquidity for brand new markets, customers launching them will deposit a governance-determined quantity of USDC stablecoin into the MegaVault. This vault will then quote orders and supply instantaneous liquidity. Customers may also earn passive earnings by depositing USDC into the vault, which is able to resolve the place to allocate liquidity.
Whereas dYdX’s August buying and selling quantity reached $21.2 billion, it nonetheless lags behind centralized venues. The transfer into prediction markets, the place platforms akin to PolyMarket noticed over $450 million in quantity final month, might assist dYdX seize extra market share. The change can be exploring different markets like foreign exchange and indexes because it seeks to broaden its choices and enchantment to a wider vary of merchants.
In July, Crypto Briefing lined how dYdX was apparently in talks to promote its derivatives buying and selling software program to a number of crypto market makers.
Share this text