It has been one week since the launch of liquid staked DYDX with Stride, and we’re excited to share a status update with the community on how things have been going so far. As a reminder, you can liquid stake your DYDX tokens with Stride by visiting Stride | Multichain Liquid Staking. Let’s dive in:
In the 7 days post-launch stDYDX has amassed a TVL of $2.2 million, making it Stride’s 4th largest token by TVL already!
As DeFi integrations across the Cosmos Ecosystem grow in the coming weeks, TVL will increase alongside them. Particularly, stDYDX has the potential to be the strongest collateral asset in the entire crypto space due to the token’s relative stability and non-inflationary yield mechanism.
As of today, Stride has worked to secure 4 DeFi integrations for stDYDX, with an additional 4 in the works and active discussions ongoing for more integrations. Stride is committed to driving growth for stDYDX liquidity in the Cosmos Ecosystem and beyond, which is why these integrations are all eligible for our ongoing stDYDX holder airdrop. The integrations that are live now are:
A liquidity pool on Osmosis, which currently has ~ $800,000 worth of liqudity
A concentrated liquidity vault on Quasar that allows for passive liquidity provision in the Osmosis pool. This is already nearing its deposit cap of $250,000. Stride is working with Quasar to increase the deposit cap.
A money market integration with Nitron, where stDYDX holders can lend their stDYDX and receive SWTH incentives from the Nitron protocol.
A liquidity pool on Astroport’s Neutron outpost
Additionally, forum discussions are currently ongoing to list stDYDX on Mars Protocol (the largest lending protocol in the Cosmos Ecosystem) and Inter Protocol, a collateralized debt position stablecoin. Check out the forum posts and join the discussion to show your support for adding stDYDX to these markets:
The number of protocols that have been looking to onboard stDYDX into their DeFi ecosystems only 7 days post-launch has been extremely promising. We’re excited to continue to share updates as stDYDX penetration throughout the ecosystem grows in the coming weeks and months. Onwards and upwards!