Ledger recently announced support for the dYdX chain and its native DYDX token in the Ledger Live application.
This integration enables Ledger hardware wallet users to securely manage and stake their DYdX tokens directly within the Ledger Live ecosystem.
Keypoints
- Ledger Live now supports the dYdX chain and DYDX token, allowing you to manage and stake your DYDX tokens securely
- dYdX is a decentralized exchange that offers perpetual trading options for multiple cryptocurrencies
- Ledger Live enables staking DYDX tokens through its ecosystem with the lowest fees (5%)
- Staking through Ledger brings benefits like high security with private keys stored on your Ledger device
- Over 1.5 million active Ledger Live users can now seamlessly interact with the dYdX chain and token
dYdX is a decentralized cryptocurrency exchange offering perpetual swap trading options for assets like Bitcoin, Ethereum, and USDC. The platform operates without KYC requirements, allowing users pseudonymous access to trading and lending pools.
Earlier this year, dYdX launched its own dedicated blockchain called the dYdX Chain. This base layer chain is built on Cosmos SDK technology and uses the DYDX token as its native staking and governance asset.
With Ledger Live’s integration, users can now bridge ERC-20 ethDYDX tokens to the native DYDX token on dYdX Chain. Within Ledger Live, they can then stake these DYDX tokens to earn staking rewards while keeping their private keys securely stored on Ledger hardware wallets.
We’re excited to announce that we now support the dYdX chain on @cosmos.
That means you can now secure & manage your $DYDX through Ledger Live, and stake it via the Ledger by @Meria_Finance validator (rewards in $USDC and $DYDX)!
Unfurl to find out more???? pic.twitter.com/Ky2fz7ODFA
— Ledger (@Ledger) November 29, 2023
Ledger Live offers staking through a validator operated by Meria that charges only a 5% commission on rewards, one of the lowest rates available. Ledger highlights staking via its app brings advantages like high security, self-custody of keys, and convenience of managing different crypto activities in one unified interface.
Over 1.5 million monthly active users now have access to dYdX Chain through Ledger Live. The app aims to be a portal for users to safely explore and interact with decentralized apps and protocols while maintaining control of their private keys. For those without Ledger devices, the company offers different hardware wallet models to suit different needs along with learning resources to understand the technology.
In a statement, dYdX Foundation’s CEO highlighted the shared goal of enabling self-custody without compromising access to decentralized services.
“Users want more security and self-custody choices without compromising on staking and trading options. The integration of dYdX Chain and Ledger allows users to earn staking rewards directly through the Ledger ecosystem, ensuring security for users and supporting the growth of the dYdX ecosystem”
Charles d’Haussy, CEO dYdX Foundation.
This integration represents a continued push towards seamless, secure accessibility of Web3 applications for Ledger users. With private keys always kept offline, account takeovers remain extremely unlikely while still allowing users to earn yields through staking.
As decentralization technology matures, collaborations bridging hardware security and software accessibility help onboard new users and progress ecosystem growth.
