Per the 2024 roadmap, dYdX plans to reduce friction caused by governance requirements for market listings, and also improve the software.
Popular decentralized exchange (DEX) platform dYdX has announced its roadmap for 2024. The DEX, with a mission to democratize access to financial opportunity via DeFi (decentralized finance), has explained that its roadmap will focus on three areas: Permissionless Markets, Core Trading Improvements, and UX/Onboarding Upgrades.
dYdX 2024 Roadmap
The goal of Permissionless Markets is to simplify the process of listing and trading any market by removing the friction that comes with the applicable governance processes. The roadmap explains that the current process, which requires all market listings to go through days or weeks of governance, is too cumbersome. The plan is to develop software that allows the creation of a perpetual market simply by clicking a button. The software will enable instant and permissionless market listings by anyone, sufficient liquidity across all markets, expanded oracles for perpetuals, and margins at the protocol layer for better risk control. The roadmap notes:
“We believe that Permissionless Markets will ultimately increase the amount of available markets on protocols using dYdX software by orders of magnitudes, and that the dYdX Chain software will enable the go-to exchange to trade any market, at any time.”
The Core Trading Improvements the roadmap specifies include improving the dYdX software’s reliability and adding trading features that help people initiate and complete trades quickly. Furthermore, the software will support additional programming languages, including Rust, Go, and C++. The plan includes improving the software’s overall efficiency by decreasing latency and minimizing delays. dYdX plans to improve risk management by adding several features, including single-click functionality and new order types.
Lastly, the roadmap touts upgrades to trader experiences by making onboarding easier by increasing onramp options. In addition, trades will enjoy the integration of social elements into the software.
Last week, the dYdX Chain announced support for liquid staking on the network after upgrading to the new v3.0. Essentially, members of the dYdX can continue to stake and convert the dYdX token to an asset with utility in DeFi applications. According to DeFiLlama, the total value locked (TVL) in liquid staking derivatives is more than $31 billion. This makes liquid staking one of the most popular services in the DeFi sector. Liquid stakers will simultaneously earn yields, collecting fees in USDC.
Days ago, the dYdX Foundation requested that the platform’s decentralized autonomous organization (DAO) provide $30 million in funding. The plan is to spend the funds over three years.
Although a large amount, the Foundation’s request was supported by shareholders, including delegates and validators. If the DAO agrees, it would give the Foundation 4% of its treasury. For the period, the Foundation would not have to wade through multiple budgets submitted for reviews and approval.
According to reports, about half of the funds would go to payroll, while 18% would be for growth and marketing. The Foundation will then spend 14% on legal responsibilities and 5.5% on contractors.