DYDX Liquid Staking (stkDYDX) with pSTAKE

dYdX Chain
,
21

Thank you for providing the detailed calculation process. This is an elaborate system which clearly supports your vision.

For context, here is the example provided in the document provided:

Metric Min Max Optimal Weight Reverse-Optimal
Voting Power 0.05 5.00 Min 10.00 5.00
Commission 5.00 10.00 Min 25.00 10.00
Uptime 95.00 100.00 Max 15.00 95.00
Governance 60.00 100.00 Max 40.00 60.00
LSM capacity 0.10 20.00 Max 10.00 0.10

Assuming the parameters require adjustments for each chain you provide LST services for, what would be your proposed set of parameters and the associated weights for the dYdX chain ?

2 Likes
22

Absolutely!

Please find the list of validators, individual weights, and the parameters here.

Please note that the list (including new validators and individual weights) may vary on a daily basis after launch.

3 Likes
23

Nice!

This will be transferred in a live dashboard sooner or later I think?

2 Likes
24

Yes, just like the stkOSMO decentralization validator dashboard, a transparent view of stkDYDX will go live on the pSTAKE dApp soon after launch.

1 Like
25

stkDYDX Launch Update - 29 January 2024

It’s an exciting time for the dYdX community as the v3 upgrade is scheduled for today. Besides Inter Chain Accounts on dYdX, the biggest pre-requisitie for stkDYDX launch was completing an additional security audit.

[Security]

  • The additional Oak Security audit for stkDYDX, especially the no-click auto-compounding of DYDX and USDC staking rewards, has now been concluded. All the audit findings were fixed over the last weekend with a final acknowledgement done.
  • The final audit report, once received, will be published on the Persistence One Github.

[Governance]

  • The pSTAKE Snapshot Signaling proposal to launch DYDX liquid staking has passed.
  • A Persistence One chain upgrade proposal is expected to go live today to make the audit changes on Mainnet.

[Timeline]

  • After 5 days of $XPRT governance voting followed by rigorous mainnet testing, stkDYDX is expected to launch sometime in the week starting 5 February 2024.
  • A stkDYDX/DYDX pool is also expected to launch on Dexter on Persistence One around the same time.

DYDX liquid staking that decentralizes the dYdX chain is right around the corner and we couldn’t be more excited to bring stkDYDX to the community in a secure and seamless fashion.

2 Likes
26

stkDYDX Launch Update - 2 February 2024

Secure, decentralized DYDX liquid staking with stkDYDX on Persistence One is right around the corner. Here are the latest updates on the stkDYDX launch next week (launch date to be announced soon).

[Governance and Timeline]

  • Persistence One Prop #68 to upgrade the chain for stkDYDX launch has reached quorum and is expected to pass XPRT governance on 3 Feb 2024.

  • Persistence One Prop #71 is live on the chain to create new stkDYDX liquidity pool on Dexter with 300,000 PSTAKE incentives on 7 Feb 2024.

The anticipation of the stkDYDX launch is a perfect time to revisit its differences and benefits it brings to the dYdX community.

  • 0% liquid staking fee
  • No-click autocompounding of DYDX and USDC staking rewards
  • Flash Unstake feature
  • Decentralizing the dYdX chain with a custom-built DYDX stake delegation model
3 Likes
27

Will it be 0% liquid staking fee forever?
Or will there be a future service fee for providing the liquid staking service in the future?

2 Likes
28

pSTAKE’s protocol fee is an important attribute decided by governance.

0% fee has been approved by governance for an initial period of 2 months after launch.

2 Likes
30

stkDYDX Launch Update - 6 February 2024

[Timeline]

After a successful Persistence Core-1 chain v10.4 upgrade on 5 Feb 2024, stkDYDX is live on a staging environment on mainnet.

Next steps involve testing of all protocol functions like liquid staking, unstaking, and auto-compounding alongside IBC and relayer operations on the mainnet before a secure, public launch.

[Security]

Oak Security has sent us their furbished and final stkDYDX audit report. This will be posted on our public GitHub everyone’s viewing in the coming days.

We’ll keep everyone posted leading up the public launch of stkDYDX.

3 Likes
31

stkDYDX Launch Update - 13 February 2024

Exciting news for the dYdX Community!

stkDYDX is launching on 13 February 2024 at 2 PM UTC.

We’re elated to bring a product that is made keeping in mind the dYdX community at the forefront.

We look forward to everyone’s feedback once stkDYDX is laucnhed.

1 Like
32

stkDYDX Launch Update

DYDX liquid staking is NOW LIVE on Persistence One. A stkDYDX Metastable pool is also live on Dexter.

We’re really excited to bring some notable liquid staking improvements and advances to the dYdX Community.

→ 0% liquid staking fees
→ 300,000 $PSTAKE tokens Launch LP incentives
→ No-click auto-compounding of USDC staking rewards
→ Custom-built for dYdX chain decentralization
→ Extra secure with a dedicated stkDYDX audit by Oak Security

1 Like
33

Appreciate the consistent reporting here–good to see these mechanisms in action. For those who don’t use the liquid staking feature it would great to see some more analytics on the forum as usage increases too!

2 Likes
35

[One month stkDYDX update]

Hello everyone,

pSTAKE has completed 1 month of DYDX liquid staking. While we’re just getting started, we are excited to share the milestones achieved in the first month of DYDX liquid staking on pSTAKE.

Staking Statistics

In the last month, ~55,000 DYDX have been staked through pSTAKE, unlocking a Total Value of around ~$215,000.

Auto-Compounded Rewards

All USDC and DYDX staking rewards earned are automatically compounded on pSTAKE, with a 0% fee. This ensures that users’ stake grows effortlessly, maximizing the returns over time.

Decentralization Impact

Our commitment to decentralization is reflected in the automated distribution of staked tokens across ~48 validators, based on certain on-chain parameters (refer to the image below), with real-time validator distribution trackable through our app. This automated validator strategy further enhances the security and resilience of the dYdX network.

image
image2566×810 158 KB

stkDYDX in DeFi

The liquidity pool for stkDYDX has made an impressive leap, surpassing $500,000 in liquidity. Currently, the pool is incentivized with 150,000 PSTAKE, offering one of the most competitive liquid staking yields for DYDX in the market.

Additionally, we’re in the process of making stkDYDX deeply rooted into the Cosmos DeFi ecosystem. To achieve this, we are exploring stkDYDX integrations across various Cosmos DeFi protocols, such as Astroport, Mars Protocol, Kujira, Shade Protocol, UX Protocol, Nolus, Inter Protocol, and more. stkDYDX is also considered to be integrated in the Ethereum LSTfi ecosystem.

Looking Forward

As we continue to gain momentum, pSTAKE is committed to growing and scaling from here with an aim to capture a significant market share. Our journey has just begun, and we’re dedicated to building and innovating non-stop to meet and exceed the community’s expectations. Learn more about pSTAKE’s road to traction plans here.

We’re incredibly grateful for the community’s support as we pave the way for a more accessible, secure, and decentralized liquid staking landscape. Here’s to many more milestones together!

2 Likes
36

How does pSTAKE address the issue of frontrunning that may arise with Flash Unstake, especially considering the potential high volatility of DYDX?

2 Likes