dYdX to Integrate Skip Protocol’s Market Map in Upcoming Chain Upgrade
Zach Anderson Aug 08, 2024 17:57
dYdX Chain will integrate Skip Protocol’s Market Map this month, enhancing market parameters and ensuring safety. Governance vote required.
The dYdX Chain is set to receive a significant upgrade later this month with the integration of Skip Protocol’s Market Map, according to dYdX. This enhancement aims to expand market parameters and ensure the safety of current markets, laying the groundwork for a broader release in the fall.
A Brief History of dYdX and Skip Connect
In a recent upgrade, the dYdX Chain software integrated with Skip Connect, formerly known as Slinky. Developed by Skip Protocol, Skip Connect acts as a price oracle for dYdX Chain markets, allowing the chain to expand to over 800 new potential markets, including Solana assets.
Introducing the Market Map
Building on the success of Skip Connect, Skip Protocol has developed the Market Map. This addition allows operators to actively maintain and update market parameters, increasing the number of potential new markets while ensuring the safety of existing ones. The Market Map aims to bring the vision of unlimited permissionless markets to life.
Implementing the Market Map
The integration of the Market Map into a live deployment of the dYdX Chain will require a governance vote by token holders. If the community votes in favor, they will also appoint a 'Market Mapper' to manage the Market Map. The Market Mapper will be responsible for updating liquidity, reference prices, and metadata of existing markets, as well as preloading and preconfiguring new markets safely on the chain. This role, although centralized, is subject to governance votes and can be removed by the community at any time.
The Market Mapper will also have a revenue share functionality, which can be voted upon by governance to ensure fair compensation for their services. This step is crucial for maintaining a safe and efficient market environment.
dYdX has expressed excitement over the vibrant community that continues to build integrations, enhancing the dYdX Chain software. For further updates, follow dYdX and Skip Protocol on Twitter.
Terms and Conditions: The information provided pertains to the default settings of the dYdX Chain open-source software developed by dYdX Trading Inc. The described features are under development and may change. dYdX does not deploy or operate the dYdX Chain software for public use. The services and products are not available to residents or entities in the United States or Canada. The content is not financial, legal, tax, or investment advice. Users should conduct independent research and consult professional advisors before taking any action.
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