Original source: dYdX
Original compilation: BlockBeats
On the decentralized derivatives platform dYdX, users can safely stake DYDX and earn USDC through Ledger.
Stake DYDX and earn USDC
All fees on the dYdX chain (Taker/Maker fees) are borne by validators and pledgers, and are mainly distributed in the form of USDC. This creates a reward mechanism that does not put inflationary pressure on the native token and provides utility to validators and stakeholders.
For any staking rewards assigned to stakers by the protocol, validators can set a specific commission rate, ranging from a minimum of 5% to a maximum of 100%, and applicable to each validators staker. This commission will be deducted from the staking rewards allocated to these stakers by the protocol and retained by the relevant validators. Currently, according toMinstcan data, the average validator commission rate on the dYdX chain is 6.08%.
For details, please refer to the dYdX FoundationBlog about staking DYDX
As of January 12, 2024, the annual interest rate for staking DYDX ranges from 9% to 25%. This is because the amount of fees dYdX Chain receives depends on the market conditions of the day.
Users canView hereHow many rewards have been paid to stakers and validators so far
Since stakers receive rewards in the form of USDC, they don’t have to worry about the volatility of DYDX.
Since dYdX transaction fees are the source of staking rewards, stakers do not have to worry about inflation of the DYDX token.
DYDX token holders can stake DYDX on any active verification node through Keplr. Please refer toThis link query
For information on using Keplr to pledge DYDX, please refer to:https://www.dydx.foundation/how-to-stake/keplr-user
As of now, dYdX Chain has issued more than 2 million USDC staking rewards to more than 7,500 pledgers in less than 2 months since its launch.
Staking securely with Ledger
Staking means that users need to hold DYDX for a long time, and the security issue is very important. Users can easily stake DYDX through Ledger integrated with Keplr.
Here are instructions on how to integrate Ledger with Keplr: https://support.ledger.com/hc/en-us/articles/4411149814417-Set-up-and-use-Keplr-to-access-your-Ledger- Cosmos-Ecosystem-Accounts?docs=true
Liquidity Staking with Stride (Coming Soon)
DYDX token holders can use https://app.stride.zone/ to stake their DYDX for liquidity on Stride. In exchange, holders will receive stDYDX, which will allow them to continue to receive staking rewards while maintaining the liquidity of the token. This will give users the flexibility to simultaneously earn staking rewards and use those tokens in DeFi protocols, or exit their positions immediately without having to wait for dYdX’s 30-day staking cancellation period.
See more information here:https://dydx.forum/t/announcing-stdydx-and-stride-s-initial-host-chain-validator-set/1960
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