dYdX Protocol Launches Version 5.0.0 Featuring Isolated Margin and Markets, Plus Support for Raydium Markets
Summary:
The dYdX protocol's version 5.0.0 is live, featuring innovations such as isolated margin and markets, and support for Raydium Markets. This system disrupts the traditional model of collateralized pools, enabling traders to assign collateral to specific trades, and increases traders' options. This enhancement also allows listing of over 800 new markets, live price feeds from decentralized exchanges via the "Slinky" oracle, and support for the Solana-based automated market maker, Raydium Markets. Traders on dYdX can participate in Solana’s memecoin ecosystem, with permissionless listing possible in as little as four days. However, launches of various memecoins have faced allegations of significant insider activity.
The dYdX protocol has launched its 5.0.0 version, ushering in numerous innovative characteristics such as isolated margin, isolated markets, and compatibility with Raydium Markets. The adoption of isolated margin function disrupts the conventional collateralized pools mechanism by allowing traders to allocate collateral for a particular transaction, rather than subjecting these funds to the price volatility across multiple transactions.
Charles d’Haussy, the head of the dYdX Foundation, underlined the advantages of separating collateral, ensuring that each collateral pool is insured. In his address to Cointelegraph, d’Haussy mentioned, “Isolated margin offers traders the alternative to trade any market as an independent position." He added that traders now have the enhanced capacity to limit collateral to a particular position and manually regulate their collateral for such a position. This enhancement furnishes additional methods for traders, ensures the protocol's stability and enables the listing of over 800 new markets under governance.
The protocol also publicized the debut of real-time price feeds from decentralized exchanges through the “Slinky” oracle and compatibility with Raydium Markets, a Solana-powered automated market maker. Traders on dYdX will now be able to enter Solana’s lively memecoin ecosystem, with an unrestricted listing in a mere four days, subject to a governance vote.
The memecoin trend on the Solana platform has triggered hundreds of thousands of fresh token listings in recent months, which has been accompanied by a surge in celebrity memecoins, genuine and fraudulent. Earlier in May, Australian rapper Iggy Azalea unveiled her own memecoin, MOTHER, following a counterfeit listing of an IGGY token—a project that had no ties to the rapper.
In response to the MOTHER launch, social media influencer Andrew Tate released his own memecoin on Solana, DADDY, leading to an online rivalry between the two meme tokens and a digital artwork by Beeple inspired by the meme tokens. Both the DADDY and MOTHER launches, however, have been mired by allegations of substantial insider involvement, with 30% and 20% of their respective supplies being bought by insiders prior to the public release of the meme tokens, as per a Bubblemaps report.
Published At
6/18/2024 11:29:12 PM
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