Here are some features which I think are essential for the growth of the dydx exchange, both from a decentralisation PoV and from a user experience perspective:
Decentralisation
Move away from dydx.trade as the customer facing interface. Package it up into an .exe (with Electron, or some other such technology). A single point of failure exists currently.
Multi-collateral support. Currently dydx is completely reliant on a third party company (Circle) which makes it fragile. By moving to a multi-collateral model, this risk is mitigated, and it also would allow traders to do things like cash and carry trades, which is troublesome in USD margined futures.
Social trading
Social features are what keep users actively on the platform. The longer they stay “online”, the move they’ll bolster the community and support the platform.
Chat - a simple but essential feature for users to communicate with each other. Should be easy to implement via another ephemeral message type. Moderation can be performed either in the same way centralised exchanges do it (with appointed personnelle), or you can have “pay-to-mute” where anyone can mute another username (usernames are essential) in exchange for a fee which then gets given as a trading fee to all stakers/validators in the standard way.
Predictions - users can post a ‘prediction’ using chat for a market move within a specified time. Other users can look these up. The system can rank users based on their accuracy. This way traders know who they should listen to inside the chat box. No exchange is doing this currently.
These are some really interesting ideas. Wanted to address a few of them from the grants perspective!
Move away from dydx.trade as the customer facing interface. Package it up into an .exe (with Electron, or some other such technology). A single point of failure exists currently.
I believe multiple entities contributing to dYdX are working on alternative mechanisms by which to trade on the dYdX Chain. These include alternative / self-hosted front ends, as well as social tools like telegram trading bots. I think that in the next few months we’ll see users having a ton of options when it comes to interacting with the chain!
Chat - a simple but essential feature for users to communicate with each other. Should be easy to implement via another ephemeral message type. Moderation can be performed either in the same way centralised exchanges do it (with appointed personnelle), or you can have “pay-to-mute” where anyone can mute another username (usernames are essential) in exchange for a fee which then gets given as a trading fee to all stakers/validators in the standard way.
Would this be some sort of in-app chat that can be accessed directly from the trading interface? Pretty neat idea if so (and the “pay to mute” functionality is hilarious, and quite degen ). I’d worry about this becoming a scam vector though. Scammers would be heavily incentivized to post malicious links directly where their targets live and are trading.
It’s really not the same thing; Discord is off platform (you’re sending your traders away in order to be social) and it cannot support the platform specific features we’re talking about.
). I’d worry about this becoming a scam vector though. Scammers would be heavily incentivized to post malicious links directly where their targets live and are trading.