# \[DRC\] Add JTO-USD to the dYdX Chain

**URL:** <https://dydx.forum/t/drc-add-jto-usd-to-the-dydx-chain/2120>\
**Category:** Governance/DAO Discussions\
**Created:** [January 23, 2024, 8:09am UTC](https://dydx.forum/t/drc-add-jto-usd-to-the-dydx-chain/2120 "2024-01-23T08:09:03Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![Carlos\_Raven](https://avatars.discourse-cdn.com/v4/letter/c/858c86/32.png) [@Carlos\_Raven](https://dydx.forum/u/Carlos_Raven)\
**Post date:** [January 23, 2024, 8:09am UTC](https://dydx.forum/t/drc-add-jto-usd-to-the-dydx-chain/2120/1 "2024-01-23T08:09:03Z")

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Hi dYdX community,

Carlos from [RavenDAO](https://www.ravendao.net/) 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](https://github.com/dydxprotocol/v4-documentation/blob/main/pages/governance/functionalities.md#adding-new-markets) 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](https://www.binance.com/en/futures/JTOUSDT) and $24M on [Bybit](https://www.bybit.com/trade/usdt/JTOUSDT) (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)

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**Author:** ![chaoslabs](https://dub1.discourse-cdn.com/flex013/user_avatar/dydx.forum/chaoslabs/32/1705_2.png) [@chaoslabs](https://dydx.forum/u/chaoslabs)\
**Post date:** [January 24, 2024, 7:48pm UTC](https://dydx.forum/t/drc-add-jto-usd-to-the-dydx-chain/2120/2 "2024-01-24T19:48:44Z")

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# Overview

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

### Background

JTO is the governance token of the JITO Network. JITO is a Solana-based liquid staking protocol.

### Market Data

- 24-Hour Trading Volume (CoinGecko) - $60,088,855

 ![jto_vols](https://europe1.discourse-cdn.com/flex013/uploads/dydx/original/2X/b/b749277576e950ff9fd4bb6e62a61e145c79b475.png)

- Market Cap (CoinGecko) - $223,754,131

 ![jto_mc](https://europe1.discourse-cdn.com/flex013/uploads/dydx/original/2X/5/52ae26ff3da2b333de77a5e3564540e3acbce3e3.png)

- 2% Spot Liquidity - $946,000
- Token List Date - 7 December 2023

### Oracle Sources

JTO has established oracle sources including Binance, Bybit, Gate, Kucoin, Coinbase and MEXC.

# Liquidity Tier Recommendation

JTO fulfills the requirements for a Long-Tail asset as defined in the dYdX v4 [documentation](https://docs.dydx.trade/governance/functionalities#liquidity-tiers), and therefore, we suggest categorizing it under liquidity tier 2.

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**Author:** ![CipherLabs](https://dub1.discourse-cdn.com/flex013/user_avatar/dydx.forum/cipherlabs/32/479_2.png) [@CipherLabs](https://dydx.forum/u/CipherLabs)\
**Post date:** [January 24, 2024, 10:04pm UTC](https://dydx.forum/t/drc-add-jto-usd-to-the-dydx-chain/2120/3 "2024-01-24T22:04:22Z")

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