Hi dYdX community,
Carlos from RavenDAO here. We are a team of engineers and traders, with decades of experience in crypto markets. A key pillar of the new globalized financial economy, our bespoke infrastructure powers the crypto markets non-stop 24 hours a day, everyday.
We invest continuously in our systems to utilize capital efficiently with a strong emphasis on risk management. We conduct our own security reviews of protocols, alongside the management of our financial risk and exposure across many blockchains and centralized exchanges.
Simple Summary
Add JTO-USD to the dYdX Chain.
Abstract
We anticipate that the number of markets available on the dYdX Chain will increase in 2024, thus, we would like to propose adding the JTO-USD trading pair to the dYdX chain.
Specification
Information about adding new markets is available here in the dYdX Chain open-source software.
Motivation and Rationale
We anticipate that the number of markets available on the dYdX Chain will increase in 2024, thus, we would like to propose adding the JTO-USD trading pair to the dYdX chain.
We are proposing to add JTO to dYdX Chain because it is one of the most in-demand tokens on the market right now. With a market capitalization of nearly $234M, it has 24h Perpetual swap volume of $120M on Binance and $24M on Bybit (as of January 23, 2024). We believe by adding JTO it would help spur the growth of trading activity dYdX Chain.
Next steps
We plan to create an on-chain vote early next week (~Jan 30, 2024)
