Add of new tokens on dYdX

Proposals
1

Proposal to add new tokens to dYdX

Summary

Overall, this proposal aims to add new tokens to dYdX. We think the current 36 tokens are a small range of choice. We want to add a dozen very popular tokens missing on dYdX and some fiat currency stablecoins.

Summary with simple points :

  • We will add 6 tokens : FIL, APT, ARB, MANA, FTM and KAVA
  • We will add 5 new stablecoins : EUR, GBP, AUD, JPY and CHF
  • We will integrate them into the dYdX UI
  • They will be integrated in the same way as the old tokens and the UI of dYdX will not be modified.

Why we add these tokens ?

We wanted to add stablecoins because Forex trading (therefore fiat currencies) is very popular in the world. Our idea is therefore to take advantage of both the advantages of Forex, blockchain, cryptocurrencies and the speed and quality of service of dYdX.

We also find that some important tokens are not available on dYdX.

Here is the list of cryptocurrencies to add:

Stablecoins:

  • USD Coin (USDC) (is already available)
  • Euro (EUR)
  • British Pound (GBP) (not priority)
  • Australian Dollar (AUD) (not priority)
  • Japanese Yen (JPY) (not priority)
  • Swiss Franc (CHF) (not priority)

Important currencies:

  • Filecoin (FIL)
  • Aptos (APT)
  • Arbitrum (ARB)
  • Decentraland (MANA)
  • Fantom (FTM)
  • Kava (KAVA)

How we will carry out this project ?

Developers

I would be happy to participate in the majority of the creation of the project as a volunteer. However, I wish to remain anonymous. We will also need a dYdX developer to provide us with the necessary code for the project and to create the stablecoins smart contracts of the fiat currencies. To sum up, to carry out this project, you need only one dYdX developer, the rest of the project coded by a fairly experienced volunteer.

We also need positive votes from the community to be able to implement this improvement to dYdX.

In terms of the required budget, we only need the salary of the dYdX developer which will be defined by dYdX or by its community and the reserve for stablecoins (With USDC or Tether).

How to vote and how will the rest of the project unfold ?

How to vote ?

To vote first on the forum, you will need to reply in this thread by adding one of the following voting options to your comment:

  • Yes : you want this proposal to be added to the dYdX protocol.
  • No : You are against this proposal because you think it is useless to all users or harmful to the protocol.

When we have finished the forum vote there are one possibilitie according to the rules of governance and the votes of the forum :
We will do the usual governance voting with dYdX tokens as with most other proposals.

How will the rest of the project unfold ?

  1. Validation of the proposal on the forum (a few days)

  2. Successful governance vote (1 week)

  3. Development and deployment of all features. (> 2 weeks)

  4. Community announcement (1 day)

PS : If someone passing by has more than 10K DYDX, they can take care of submitting in governance.

1 Like
2

Some of the coins you mentioned like Filecoin are already available on the platform. Also, as far as I understand, the team won’t be adding new coins in the V3 version, but in V4 there will be a permissionless option to add new markets.
This is an unofficial response based on my understanding as a community member.

3

Sorry I did not see.

Do you know when V4 will be deployed?

4

The date for the deployment of V4 is yet to be announced. Currently, we are awaiting the launch of the testnet.
I like the idea of adding different asset classes, like fiat currencies.
But for now stay tuned for updates of V4!