Product | 11/29/2023
Manage & Stake Your DYDX Tokens With Ledger Live
Things to know: |
– You can now seamlessly manage and stake your DYDX tokens through Ledger’s secure ecosystem. – Building on our initial support for ethDYDX tokens, Ledger Live has expanded its capabilities to include the dYdX chain and its native, Cosmos-based, DYDX token. – dYdX is a decentralized exchange that offers perpetual trading options for multiple cryptocurrencies. This article explains how to migrate your ethDYDX tokens to the dYdX Chain. You can also click here to learn how to set up your first dYdX account and stake the token. |
Manage and Stake your DYDX tokens securely
We’re glad to announce that your Ledger Live app now supports the dYdX chain and DYDX token, which means you can now manage and stake your Cosmos-based tokens with your private keys tightly secured in your Ledger device.
Owen Simonin, Founder & CEO at Meria: “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.”
“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” Charles d’Haussy, CEO dYdX Foundation.
Ledger Live is one of the first wallets to support DYDX and the protocol’s staking feature. Our staking validator, operated by Meria, has the lowest commission fees (5%). On top of that, staking your digital assets through the Ledger ecosystem brings the following benefits:
- Highly secure: Grow your assets while holding them within your Ledger device.
- Self-custody: Your private keys never leave the secure element within your Ledger device.
- All in one place: With our partners, you can buy, swap, and stake through Ledger Live. All your crypto needs in one app.
If you need help determining which type of staking is right for you, look at our comprehensive guide.
What is DYDX (dYdX)?
The introduction of the dYdX Chain and the dYdX community’s endorsement of DYDX as the primary Layer 1 (L1) token has significantly enhanced the DYDX token’s utility. The DYDX Governance token now supports a variety of functions: it can be staked, contributing to the network’s security, plays a role in the governance of the dYdX Chain, and enables DYDX stakers to earn staking rewards.
On the dYdX Chain, all fees collected by the protocol are distributed to Validators and Stakers. Trading on the dYdX Chain is gas-less (only maker and taker trading fees in USDC apply).
With the adoption of dYdX Chain DYDX as the L1 token, you can bridge your ethDYDX tokens using this bridging guide. After bridging the new utility functionalities come into effect.
Explore Web3 securely with Ledger
Through Ledger Live, over 1.5 million active users can buy, sell, swap, stake, and lend digital assets, and explore the Internet of Value with ownership and security. With the Ledger Live app, you can also access an ever-expanding list of DApps in the Discover section, with your private keys automatically safeguarded on your Ledger device.
If you don’t have a Ledger device yet, check out which Ledger hardware wallet suits your needs, or view our comparison page for a side-by-side comparison. You can also stay updated on our latest announcements and thought leadership publications through our blog.
*Buy, sell, swap, lend or any other crypto transaction services are provided by third-party service providers. Ledger provides no advice or recommendations to use any of these third-party services.