DYdX Launches Permissionless Listings With Unlimited Upgrade

DYdX, a top-five derivatives trading DEX, has shipped its long-awaited Unlimited upgrade.

DYdX deployed the Unlimited upgrade on Nov. 19, introducing support for permissionless market listings. Liquidity for the pairings is sourced through MegaVault, a new “master” liquidity pool that provides liquidity for pairings supported by the platform.

Users can now instantly deploy new markets onto the platform, allowing users to access leverage trading features for “any” asset.

“For the first time, derivatives trading is moving past cumbersome, centralized, and inefficient listing processes,” dYdX said. “Now, dYdX software enables traders to trade anything, anytime with the power of leverage on a professional platform.”

The unlimited upgrade also offers a fresh round of DYDX tokens as incentives for traders and liquidity providers, with users earning rewards on every trade alongside points towards larger monthly rewards.

DYdX also announced an affiliate program offering USDC commissions for referrals based on trade volume.

The price of DYDX is down 5% over the past 24 hours, according to The Defiant’s crypto price feeds.

MegaVault liquidity

Permissionless market listings are enabled by MegaVault, which automatically provides liquidity for pairings on dYdX.

Anyone can provide liquidity to MegaVault to participate in an automated market-making strategy and earn USDC yield on their deposits. Assets are mobilized across different pairings based on demand.

Users deploying new dYdX listings must deposit assets into MegaVault to ensure the market has liquidity.

“DYdX Unlimited is the largest product upgrade to dYdX since we released the first DeFi perpetuals platform back in 2020,” said Antonio Juliano, Founder of dYdX. “Unlimited gives traders a powerful pro trading platform to trade what and when they want, with no intermediary standing in their way.”

DYdX sunset its v3 iteration on Oct. 28.

Dominance decline

While dYdX ranked as the largest decentralized exchange by trade volume in January, the platform has since given up ground to upstart rivals.

Data from DeFi Llama shows dYdX now coming in fourth by weekly volume with $4.71 billion behind Hyperliquid with $21.1 billion, Jupiter with $10.1 billion, and SynFutures with $7.12 billion.

DYdX said it aims to bolster adoption through the Unlimited upgrade.