Binance adds direct deposits and withdrawals for dYdX

• Binance has announced its integration with the dYdX Chain mainnet.
• Deposits for DYDX are open, while support for withdrawals will go live once there’s sufficient volume.

Binance users can now directly deposit or withdraw dYdX (DYDX) tokens. DYDX is the native token of the L1 protocol dYdX Chain.

In an announcement on Tuesday, Binance said it had opened deposits for DYDX, with withdrawals set to go live once there is sufficient volume.

Binance completes dYdX mainnet integration

The dYdX Chain is one of leading platforms in the decentralised exchange market, currently the top Perpetuals DEX platform in the ecosystem. That makes a move by a leading crypto exchange such as Binance’s a major development that could spark further growth.

dYdX Chain shared news of the Binance integration on X.

.@binance now supports dYdX Chain DYDX?https://t.co/tCC24zwVKt pic.twitter.com/mWtrAJ84Zl

— dYdX (@dYdX) May 7, 2024

While Binance’s integration means dYdX is now available for direct deposits and withdrawals on another top crypto platform, it also opens up the network for user access to numerous decentralised applications (dApps).

Currently, OKX is the other top cryptocurrency exchange to support DYDX.

The dYdX Chain is a community-governed Cosmos appchain that distributes 100% of the protocol’s fees to DYDX stakers in the USDC stablecoin. Token holders can run a validator or stake their DYDX to one in order to participate in the network’s security and governance.

dYdX Chain growth

dYdX ranks among top DEX networks by trading volume and market share. 

According to details from CoinMarketCap, the exchange’s v4 is currently second-largest by 24-hour trading volume and has a market share of more than 11%.

Growth metrics for the dYdX Chain from last week show the weekly trading volume exceeded $7.5 billion, while the number of daily active traders reached 2,100. 

Meanwhile, staking distributions amounted to over $1.24 million in USDC paid to stakers last week.