Jack Anderson
8 Aug 2024 17:57
dYdX Chain will integrate Skip Protocol’s Market Map this month to strengthen market parameters and ensure security. Governance voting required.
According to dYdX, the dYdX chain will receive a significant upgrade later this month by integrating Skip Protocol’s Market Map. This enhancement aims to expand market parameters and ensure the safety of the current market, paving the way for a broader launch in the fall.
A brief history of dYdX and Skip Connect
In a recent upgrade, the dYdX Chain software has been integrated with Skip Connect, formerly known as Slinky. Developed by Skip Protocol, Skip Connect acts as a price oracle for the dYdX Chain marketplace, expanding the chain to over 800 new potential marketplaces, including Solana assets.
Introducing the Market Map
Building on the success of Skip Connect, Skip Protocol has developed the Market Map. This additional feature allows operators to actively maintain and update market parameters, increasing the number of potential new markets and ensuring the safety of existing markets. The Market Map aims to realize the vision of an unlimited, permissionless market.
Market Map Implementation
Integrating the Market Map into the live deployment of the dYdX chain requires a governance vote from token holders. If the community votes in favor, a Market Mapper will be appointed to manage the Market Map. The Market Mapper is responsible for updating liquidity, reference prices, and metadata of existing markets, as well as securely preloading and preconfiguring new markets onto the chain. This role is centralized, but is subject to governance vote and can be removed by the community at any time.
Market Mapper also has a revenue sharing feature, allowing governance to vote to ensure fair compensation for services. This step is essential to maintain a safe and efficient market environment.
dYdX is excited about the vibrant community that continues to build integrations while improving the dYdX Chain software. Follow dYdX and Skip Protocol on Twitter for further updates.
Terms of Use: The information provided relates to the default settings of the dYdX Chain open source software developed by dYdX Trading Inc. The features described are under development and subject to change. dYdX does not distribute or operate the dYdX Chain software to the public. This service and product are not available to residents or entities of the United States or Canada. This content does not constitute financial, legal, tax or investment advice. Users should conduct independent research and consult with professional advisors before taking any action.
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