Ledger Live app Announces Support for dYdX chain and DYDX token
- Ledger’s secure ecosystem now allows you to stake and manage your DYDX tokens with ease.
- Ledger Live has extended its features to incorporate the dYdX chain and its native, DYDX token.
- Decentralized exchange dYdX provides endless trading possibilities for a variety of cryptocurrencies.
The dYdX chain and DYDX token are now supported by the Ledger Live app. This means that users may stake and manage their Cosmos-based tokens securely using their private keys on the Ledger device.
Owen Simonin, Founder & CEO at Meria stated:
“We are thrilled to play a key role in facilitating the connection between two major actors of our industry, Ledger and dYdX, by operating a validator that simplifies access to DYDX staking directly through Ledger Live.”
Charles d’Haussy, CEO dYdX Foundation stated:
“Users want more security and self-custody choices without compromising on staking and trading options. The integration of dYdX Chain and Ledger allows users to earn staking rewards directly through the Ledger ecosystem, ensuring security for users and supporting the growth of the dYdX ecosystem.”
One of the first wallets that support DYDX and the staking mechanism of the protocol is Ledger Live. The staking validator, run by Meria, charges the least (5%) in commissions. Additionally, using the Ledger ecosystem to stake your digital assets offers the following advantages:
- Exceptionally secure: Increase your assets while retaining them in your Ledger device.
- Self-custody: Your private keys are always kept within your Ledger device’s secure element.
- Everything in one location: Ledger Live allows you to purchase, trade, and stake with our partners. One app for every cryptocurrency requirement.
Check out our extensive guide if you need assistance deciding which kind of staking is best for you.
DYDX (dYdX): What is it?
The usefulness of the DYDX token has been greatly increased by the launch of the dYdX Chain and the support of the dYdX community for DYDX as the main Layer 1 (L1) token. The DYDX token currently performs a number of tasks, including allowing staking, enhancing network security, participating in dYdX Chain governance, and providing DYDX holders with gains for staking.
All fees collected by the protocol are given to Validators and Stakers on the dYdX Chain. Gas-less trading is available on the dYdX Chain (maker and taker trading costs solely in USDC apply).
With the adoption of dYdX Chain DYDX as the L1 token, users may bridge their ethDYDX tokens using this bridging procedure. The new utility features take effect after bridging.
Utilize Ledger to Safely Explore Web3
More than 1.5 million people actively use Ledger Live to explore the Internet of Value with ownership and security and to purchase, sell, swap, stake, and lend digital assets. In the Discover area of the Ledger Live app, you may also access a growing range of DApps, all while keeping your private keys securely protected on your Ledger device.
If you don’t currently own a Ledger device, browse our comparison page for a side-by-side comparison or read this article to determine which Ledger device best meets your requirements. Through our blog, you may also remain up to date on our most recent announcements and thought leadership articles.
*Services for buying, selling, swapping, lending, and other cryptocurrency transactions are offered by third-party service providers. Ledger makes no suggestions or advise about the usage of any of these third-party services.