[DRC] Add AXL-USD to the dYdX Chain

Hi dYdX community –

This is Aditya from KingSuper. We operate validators on several Cosmos SDK-based chains, including dYdX and Axelar. We have been active on dYdX from the start and an early contributor to the Axelar Network.

Using the Axelar network’s infrastructure, dApps can communicate across chains using Turing-complete calls and messages on a permissionless proof-of-stake transport layer.

The Axelar network is currently being utilized to facilitate seamless user onboarding to the dYdX chain. Squid Router, the most widely used on-ramp to dYdX, is built on Axelar.

Simple Summary:
Add AXL-USD to the dYdX Chain.


We anticipate an increase in the number of markets available on the dYdX Chain in 2024. Hence, we are proposing to add the AXL-USD trading pair to the dYdX Chain.

Motivation and Rationale:
Given dYdX’s plans to increase the number of markets available on the dYdX Chain in 2024, we propose adding the AXL-USD trading pair.

We propose adding AXL to the dYdX Chain because it is one of the largest tokens on both Cosmos and EVM chains. AXL is listed on almost all major exchanges, including all Korean exchanges such as Upbit and Bithumb. With a fully diluted market capitalization of nearly $1.2B, it has a 24-hour Perpetual swap volume of $2m on Bybit and $1.4m on other exchanges (as of December 14, 2023).

We believe adding AXL will help spur the growth of trading activity on the dYdX Chain.

Update on liquidity and volume numbers as of 2nd March:

The 24 hr trading volume is $68,815,534
The +2% depth is $185k, and the -2% depth is $230k


We’re supportive of this listing!


Yes to Axie!


thanks for putting this forward @KingSuper !
we are looking into the proposal and will share our recommendations shortly!

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Its Axelar (AXL) not Axie


Thanks ! I’m excited about it!

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Lol. sorry. should’ve drunk more coffee

great choice btw

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Based on current guidelines outlined in the dYdX v4 documentation, Chaos Lab does not support the creation of an AXL market on dYdX Chain.
At this time, AXL does not fulfill the following minimum requirements of having 6 Oracle sources meeting the following thresholds:

  1. Liquidity on both sides must be a minimum of $50,000 within 2% of the midprice.
  2. The average daily trading volume must be no less than $100,000.

We suggest considering the possibility of this listing again in the future once these criteria are satisfactorily met.


@chaoslabs Hi, AXL was recently listed on a major exchange and it now meets the above requirements. Would you mind reviewing it again now?

At the time of writing this, the 24 hr trading volume is $68,815,534. The +2% depth is $185k, and the -2% depth is $230k

Have updated the post too with number as of today


Axs, Axie… Why not :slight_smile:

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Based on the update provided in @KingSuper 's post, we are now supporting the listing of AXL token. In our reference framework we would recommend a tier-2 listing. I think @chaoslabs will likely confirm this following their guidelines.

While we wait to have full confirmation from their side, we still want to confirm that are now in a favorable potition and willing to support that listing.


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AXL Updated Risk Analysis

Given the changes in AXL’s volume and liquidity depth, Chaos Labs now supports the addition of AXL-USD to the dYdX Chain and recommends listing under liquidity tier 2. In line with the criteria for introducing a new market, as detailed in the v4 documentation, we present our analysis and the rationale behind our recommendation for AXL’s listing.


AXL is currently listed for spot trading on exchanges, including Binance, Coinbase, MEXC, Bybit, KuCoin, and Gate, with its launch on September 26, 2022 (CoinGecko). Recent 24-hour Perpetual volumes for AXL have also recently been north of $89m, showing interest in trading it. With aggregate liquidity of $716k within a ±2% range, AXL’s price stability is deemed robust enough against potential manipulation, qualifying it for listing on the dYdX Chain.

Liquidity Tier Recommendation

AXL fulfills the requirements for a Long-Tail asset as defined in the dYdX v4 documentation, and, therefore, we suggest categorizing it under liquidity tier 2.

As outlined in the v4 documentation, liquidity tiers specify the margin requirements needed for each market. They should be determined based on the relative market’s spot book depth and the token’s market capitalization.

AXL aligns the Oracle liquidity requirement at 6 out of 6 Oracle sources. Below are the volume and liquidity depth metrics for AXL:

Untitled (16)

Given that it meets the Long-Tail criteria with 6 qualifying oracle sources, we suggest listing AXL at a liquidity tier 2.

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