One of the leading DeFi protocols for advanced crypto trading, dYdX, took to Twitter, now X, to announce their new collaboration with Privy. dYdX, a decentralized exchange focusing mainly on perpetual futures trading, entered the partnership to enable its users to create new accounts using their already existing social media credentials or email.
dYdX announced on 9th April 2024 that users will now have a straightforward approach to creating accounts with them. James Hallam, Head of Business Development at dYdX Foundation, spoke about the new event and said the collaboration would make dYdX faster and more intuitive.
“Thanks to Privy, transitioning to dYdX Chain is now as easy as using your existing email or social media profiles, ensuring a faster, simpler, and safer experience for users. This streamlined process removes traditional barriers to entry, allowing newcomers to seamlessly enter the world of perpetuals,” he said.
Furthermore, he added that one of the primary reasons for the collaboration is to attract a larger audience due to the ease of onboarding Web3 users.
“dYdX Chain now feels instantly more accessible to everyday users. This increased accessibility has the potential to attract a wider audience, promoting a more inclusive and rapidly expanding dYdX Chain user base,” he added.
Web3 Onboarding to Become Easier with Privy
Indeed, Privy quoted the dYdX announcement on X, acknowledging the importance of the key partnership. First, they said they were excited to work closely with dYdX and look forward to accomplishing new things together. Moreover, the major objective is to ensure that dYdX maintains the transparency and security of a DEX while integrating the speed and usability of CEX.
“We’re so proud to support them as they work to make the experience accessible for all,” Privy said.
Privy is a company dedicated to helping crypto organizations onboard and engage new users seamlessly. It offers developer libraries that help provide wallet management solutions and an efficient onboarding process. With their latest collaboration, dYdX users can now create a web3 wallet by simply logging in to their social media accounts. Subsequently, they eliminate the need for a seed phrase while creating crypto wallets.
What is dYdX? The Revolutionary Decentralized Exchange
dYdX is a decentralized exchange built on the dYdX blockchain, an open-source application-specific blockchain software. Furthermore, the creation of the dYdX blockchain is based on the Cosmos SDK and CometBFT proof-of-stake (PoS) consensus protocol.
This DEX’s primary service is trading perpetual futures contracts for more than 62 cryptocurrencies, including Bitcoin, Ethereum, Cardano, XRP, and Solana. It was founded in August 2017 by Antonio Juliano, a California-based entrepreneur, and initially offered crypto margin trading, lending, and borrowing services. However, it soon transferred to cross-margin perpetual trading in August 2021.
The dYdX DEX and Chain were created in a way that introduces interested users to web3. Together with decentralization, it features other things such as matching engines, order books, and consensus mechanisms. Recent data from DefiLlama indicates a total value locked (TVL) of $505 million. Furthermore, the total value of fees generated in the past year is about $50 million.
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