[DRC] Add BNB-USD to the dYdX Chain v2

Governance/DAO Discussions
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GM dYdX enjoyooors!!

Raphael from StableLab here. We recently joined governance and want to help dYdX scale sustainably!
Please excuse us, there was an oversight in our prior post.

Axelar supports the bridging of BNB and WBNB to axlBNB on Osmosis, and from there on, assets could be moved to dYdX. BNB/USD is among the highest-volume perp markets and could be a great addition to dYdX markets.

One-line Summary

Add BNB-USD to the dYdX Chain.

Abstract

dYdX is the premier decentralized perpetual futures exchange. It needs to add markets at a brisk pace to remain in the top spot. BNB is among the top contenders.

Motivation and Rationale

BNB has more than $2bn of 24-hour trading volume on the top 5 exchanges and is among the top 20 perpetual markets on CMC.
Cryptocurrency Derivatives and Perpetual Swap Markets | CoinMarketCap

Adding this pair to dYdX would likely open up a portion of this volume to be traded here.

Risk

To set the appropriate risk parameters we would defer to @chaoslabs.

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Overview

Chaos Labs supports the addition of BNB-USD to the dYdX Chain.

BNB Background

BNB is the cryptocurrency that powers the BNB Chain ecosystem from Binance.

Market Data

  • 24-Hour Trading Volume (CoinGecko) - $941,078,858

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  • Market Cap (CoinGecko) - $45,138,488,625

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  • 2% Spot Liquidity - $1,990,000
  • Token List Date - 15 September 2017

Oracle Sources

BNB has established oracle sources including Binance, Bybit, Gate, Kucoin, OKX and MEXC.

Liquidity Tier Recommendation

BNB fulfills the requirements for a Mid-Cap asset as defined in the dYdX v4 documentation, and therefore, we suggest categorizing it under liquidity tier 1.

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Cipher Labs supports the proposal to add BNB-USD to the dYdX Chain.

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Thank you for the guidance here!

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Hey guys, with Stablelab’s blessing we have sponsored the onchain proposal for adding BNB-USD to the dYdX Chain. You can go vote here Mintscan

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We will vote YES to this integration regarding the similar criteria of large adoption and profitability metric further supporting a durable future.

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Source: https://tokenterminal.com/terminal/projects/binance-smart-chain

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Thank you @Callen_Wintermute for posting this! We’re excited to see BNB trading come to v4.