Enhancing User Experience: Instant Deposits and Simplified Rewards Conversion

Greetings, community! I’m excited to discuss two pivotal ideas aimed at enhancing the user experience. Your insights and feedback are invaluable, so let’s dive in!

1. Instant Deposits through Community Treasury Reserve: Currently, deposits take around 30 minutes to process, primarily due to the bridging process. I propose using a portion of the community treasury to create a deposit reserve. This reserve would allow for instant account crediting post-deposit confirmation, potentially reducing the wait time from 30 minutes to about 1 minute.

Key Points:

  • Immediate improvement in deposit times.
  • Enhanced appeal for new and existing users preferring quick transactions.

How do you feel about using the community treasury in this manner? Are there any concerns or suggestions for implementation?

2. Alternative Instant Deposit with a Fee: As an alternative or addition to the above, dYdX could offer an “instant deposit” option with a nominal fee. Users opting for this would have their transactions processed instantly for a small charge.

Would you be willing to pay a small fee for instant deposits? If so, what do you think is a reasonable fee structure?

3. Simplified Rewards Conversion to USDC: Regarding rewards, I suggest introducing an option to directly convert rewards into USDC within the user’s account. This process would replace the current, more laborious method of transferring assets to an external exchange (like OKX), converting to USDC, and then redepositing.

Benefits:

  • Streamlines the conversion process.
  • Saves time and potentially reduces transaction fees.
  • Offers convenience and efficiency to users.

What are your thoughts on direct conversion of rewards to USDC? Do you see any potential drawbacks or areas for improvement?

Both ideas above aim to significantly improve user satisfaction and operational efficiency. I’m eager to hear your perspectives, experiences, and any other suggestions you might have.

I don’t know much about technical process of this but if there is no risk this is a great idea and also i think people are willing to pay a small amount for this.

For this one, we could offer 2 solutions maybe.
1- Locking converted usdc for a period of time(1 or 2 months maybe)
2- Getting 5-10% fee for this conversion.

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I think the first question needed to ask is why does it take 30 minutes for a bridging transaction to finish? Going back to the root cause and see if they can be sped up is a better route to go imo, since it would not put risk on funds spend for offering immediate proposals, while maybe there are problems with replenishing the funds back to the fund by the bridge. In essence you can do this, but then you need to be absolutely sure that the funds will be replenished, otherwise it is a big risk.
And doing something like this opens doors to smart people to abuse it, whereas speeding up the normal process would not open those doors.

Option 2 is better. Go for a fee charged for instant deposits, but then still you need to know why the other stuff takes 30 minutes. Not understanding that dynamic will still have liabilities which you should not want.

Its actually possible to do an instant transfer already via IBC bridge from USDC on whatever chain is on dydx usdc.

For example, buy usdc on osmosis chain and ibc bridgr to dydx chain.

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Proposals 1) and 2) are great in my opinion.

About 3), I think there are only benefits in giving the users the option to convert DYDX to USDC, however I feel like making it slightly inconvenient to swap DYDX for USDC increases the likelihood of more people holding DYDX, which I think is what we all want. If they’re too lazy to go through the process of swapping DYDX for USDC they’ll eventually become hodlers

Community Treasury Reserve is $DYDX token, it means we need to swap $DYDX to get $USDC to deposit, thats negative to $DYDX and currently lack of liquidity of $DYDX/USDC to support large deposit. I think better option you can do is using cctp.money to transfer $USDC from any chain to dydx chain address for trading.

3. Simplified Rewards Conversion to USDC: also negative to $DYDX token holder, actually you can write your own script to automate this flow.

The core issue here is that for some weird reason deposit UX was completely forgotten on the dydx4 upgrade.

We are now on cosmos. That is a huge change.

Like earlier posters said (@LeonoorsCryptoman ) the root cause is to be investigated.

Based on my investigation, the whole deposit UX is broken.

  1. There is no support for fiat onramps. You cant just start from being a web2 user and then use dydx
  2. The coinbase integration is weird. It makes sense to me as I am a technical person (It sends nobleUSDC form coinbase to dydx) but would be weird for anyone else
  3. Why do deposits (FROM EVM chains) take >30 min. That is because we are using squid, and squid is using their selection of bridges (axelar) which requires x mount of confirmations for the bridging to happen safely.
  4. There is no UX indication of any way to deposit from cosmos

So the actions to be taken are as follows:

  1. Add a real FIAT onramp - cmon guys
  2. Make it clear how the coinbase onramp works (its just noble chain tx!)
  3. Make it clear what bridge is being used for the other supported chains
    → Add support for liquidity networks, or provide a liquidity network ourself. This is the original proposal by the OG, and I agree with it
  4. MAKE IT CLEAR TO USERS THAT ITS SAFE TO SEND NOBLE USDC TO THEIR DYDX ADDRESS

Ta-da. Just saved dydx from being EATEN alive by hyperliquid, lyra and aevo.

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