Dydx Chain Launches New Software Version, Adds Slinky Oracle for Real-Time Price Updates

The decentralized finance (defi) protocol, Dydx, has officially launched version 5.0.0 of its blockchain software, introducing innovative trading features aimed at enhancing market dynamics and user control. This update, approved by the Dydx community, includes the implementation of isolated markets and margins, designed to refine risk management and collateral usage.

Dydx Chain Launches Upgrade

According to the announcement on Tuesday, the new isolated markets feature on the Dydx Chain allows for the segregation of collateral pools and dedicated insurance funds, a shift from the previous system where collateral requirements were interconnected across various positions.

This isolation Dydx detailed means that fluctuations in one market will no longer directly impact the collateral requirements of others, potentially fostering the creation of hundreds of new tradable markets on the platform. The software upgrade also integrates Slinky, a high-performance oracle, which guarantees swift per-block price updates directly from decentralized exchanges, a first for the Dydx ecosystem.

With the new expansion, the team told Bitcoin.com News that the Dydx platform now supports more than 800 potential markets, including niche assets like popular Solana meme coins. This broadened access is facilitated by the decentralized exchange’s (dex) community governance structure, which allows members to list new assets within days following a successful vote.

Additionally, the team highlighted that the recent introduction of the dYdX trading app for Android devices signifies a strategic initiative to increase accessibility, allowing users to engage in trading across multiple platforms, including iOS. This development aims to augment trader adaptability and participation in the market. As of this writing, dYdX’s native token, dydx (DYDX), has declined by 7% against the U.S. dollar, reflecting a widespread downturn in the cryptocurrency market. In the past month, DYDX has decreased by 33.9%.

What do you think about the Dydx platform’s latest upgrade and changes? Share your thoughts and opinions about this subject in the comments section below.

Sourced from cryptonews.net.

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