The post dYdX to Integrate Skip Protocol’s Market Map in Upcoming Chain Upgrade appeared on BitcoinEthereumNews.com.

Zach Anderson Aug 08, 2024 17:57 dYdX Chain will integrate Skip Protocol’s Market Map this month, enhancing market parameters and ensuring safety. Governance vote required. The dYdX Chain is set to receive a significant upgrade later this month with the integration of Skip Protocol’s Market Map, according to dYdX. This enhancement aims to expand market parameters and ensure the safety of current markets, laying the groundwork for a broader release in the fall. A Brief History of dYdX and Skip Connect In a recent upgrade, the dYdX Chain software integrated with Skip Connect, formerly known as Slinky. Developed by Skip Protocol, Skip Connect acts as a price oracle for dYdX Chain markets, allowing the chain to expand to over 800 new potential markets, including Solana assets. Introducing the Market Map Building on the success of Skip Connect, Skip Protocol has developed the Market Map. This addition allows operators to actively maintain and update market parameters, increasing the number of potential new markets while ensuring the safety of existing ones. The Market Map aims to bring the vision of unlimited permissionless markets to life. Implementing the Market Map The integration of the Market Map into a live deployment of the dYdX Chain will require a governance vote by token holders. If the community votes in favor, they will also appoint a ‘Market Mapper’ to manage the Market Map. The Market Mapper will be responsible for updating liquidity, reference prices, and metadata of existing markets, as well as preloading and preconfiguring new markets safely on the chain. This role, although centralized, is subject to governance votes and can be removed by the community at any time. The Market Mapper will also have a revenue share functionality, which can be voted upon by governance to ensure fair compensation for their services. This step…

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Filed under: News - @ August 10, 2024 5:26 pm