dYdX Collaborates With Privy To Streamline User Onboarding Experience
In Brief
dYdX partnered with Privy to enable dYdX users to create new accounts using current email or social media credentials.
Decentralized exchange (DEX), which facilitates trading in perpetual futures contracts, dYdX announced a partnership with Privy. This collaboration aims to enable dYdX users to create new accounts using current email or social media credentials.
Privy offers developer libraries to assist cryptocurrency applications by simplifying the process of onboarding and engaging new users, providing efficient onboarding flows and wallet management solutions. Currently, it is integrated with various consumer cryptocurrency applications, such as Zora, OpenSea, friend.tech, and Blackbird, among others. Over the last year, Privy has successfully onboarded over 2.5 million users.
Privy will enable dYdX users to establish a new wallet and access their accounts using their login credentials. This integration allows new traders to effortlessly create a dYdX wallet by logging in with their social media accounts, eliminating the need to remember a seed phrase.
dYdX’s self-custodial embedded wallet enables users to deposit funds using fiat payment methods, streamlining the process of engaging with trading on the platform and making it seamless and straightforward.
“Thanks to Privy, transitioning to dYdX Chain is now as easy as using your existing email or social media profiles, ensuring a faster, simpler, and safer experience for users. This streamlined process removes traditional barriers to entry, allowing newcomers to seamlessly enter the world of perpetuals,” said James Hallam, Head of Business Development at dYdX Foundation. “dYdX Chain now feels instantly more accessible to everyday users. This increased accessibility has the potential to attract a wider audience, promoting a more inclusive and rapidly expanding dYdX Chain user base,” he added.
What’s dYdX? Decentralized Exchange Offers Perpetual Futures Contracts for Over 35 Cryptocurrencies
dYdX operates as a DEX, providing users with the ability to trade perpetual futures contracts for more than 35 cryptocurrencies, including popular options like BTC, ETH, and SOL. dYdX operates on the dYdX blockchain, an open-source application-specific blockchain software built on the Cosmos SDK and CometBFT proof-of-stake (PoS) consensus protocol. dYdX Chain is entirely decentralized, encompassing its consensus mechanism, order book, matching engine, and front end.
According to DefiLlama data, the total value locked on-chain for dYdX is currently recorded at $504.48. Over the past twelve months, the network has generated fees totaling more than $48.59 million.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
