Squid is proud to support the upcoming launch of the dYdX Chain and empower users with seamless on-and-off-boarding via an integration with the Squid SDK.

In just one click, users will be able to deposit USDC onto the dYdX Chain from any of our 60+ supported networks or from any supported Centralized Exchange (CEX), all directly in the dYdX web app.

Here’s an overview of what users should expect when onboarding to the dYdX Chain, along with a bigger look at dYdX v4 as a standalone blockchain and Squid’s unifying role in the expansion of cross-chain liquidity.

Squid API + dYdX v4 = Onboard with ☝️ click

“Onboarding to new dApps and bridging funds to new networks is easy,” said no one ever. Until Squid started making things almost too easy (we power cross-chain access, the decision to buy at the top is all yours, anon). First impressions are crucial for a new chain, which is why dYdX Chain plans to offer the ultimate UX — from on-boarding to off-boarding.

When the dYdX Chain launches, users will be able to deposit any token into a dYdX account from any chain. Squid’s API simplifies the on-boarding experience for all dYdX V4 users, as shown in the examples below.

Any route, any chain, any token. All in just one click. Whenever a user clicks to get USDC on dYdX, this triggers the cross-chain flow for the user to instantly access funds on any Squid supported network.

Let’s break down the above examples to show Squid’s API’s cross-chain route and which DEXs and protocols deliver these actions:

User with USDC on Ethereum L1 wants to get USDC on dYdX

1. User places an order for USDC on dYdX with USDC on Ethereum L1.

2. USDC is sent from Ethereum L1 to Osmosis via Axelar’s General Message Passing (Axelar GMP).

3. Once on Osmosis, USDC is swapped to Noble USDC.

4. Noble USDC is then bridged to dYdX from Osmosis via the Noble Chain.

5. The user now has USDC on dYdX.

User with ETH on Base wants to get USDC on dYdX

1. User places an order for USDC on dYdX with ETH on Base Mainnet.

2. ETH is swapped into axlUSDC on Base via Kyberswap

3. axlUSDC is sent to Osmosis via Axelar Axelar’s General Message Passing (Axelar GMP).

4. Once on Osmosis, axlUSDC is swapped to Noble USDC.

5. Noble USDC is then bridged to dYdX from Osmosis via the Noble Chain.

The user completes this action in just one step, while Squid’s API powers the required cross-chain actions in the background. The same is true for any token from any chain and is supported for both on-boarding and off-boarding.

Squid, dYdX v4, and the Appchain thesis

As demand for decentralization increases, so does the need for on-chain scalability. In comes the Appchain thesis, shifting the narrative from L1s and L2s over to standalone blockchains built for specific applications, so that independent projects can prosper. Standalone blockchains are fully customizable and have the power to unlock abundant potential, something that has been limited so far in DeFi and Web3 by isolated blockchains.

The Appchain thesis is quickly becoming a reality as the number of standalone blockchains increases, and the dYdX Chain is amongst them. Based on Tendermint consensus and built using Cosmos SDK, the dYdX Chain plans to fully optimize decentralization, scalability, and customizability as a standalone blockchain. Cosmos provided the best framework for dYdX to fully decentralize, as stated in the official dYdX announcement, “Cosmos is a technology that makes it relatively easy to create a standalone blockchain with strong cross-chain capabilities”.

Enter Squid, built to power cross-chain accessibility for all. Our mission at Squid is to fuel interoperability by providing the tools for any project, building on any chain, to integrate cross-chain liquidity and swap functionality. Built on top of Axelar, Squid has the scaling

infrastructure to fully enable permissionless cross-chain accessibility. Squid’s API and SDK offer this support to everyone, starting with a simple integration for developers on any chain, including standalone blockchains like the dYdX Chain.

About dYdX V4 — The dYdX Chain

The dYdX Chain will feature a fully decentralized, off-chain, orderbook and matching engine capable of scaling to orders of magnitude and more throughput than any blockchains can support. dYdX v4 is a fully sovereign blockchain, meaning the chain is not reliant on any external blockchain or system. This is a great platform for the dYdX community to continue to build in a vertically integrated way with the protocol token holders fully controlling the system. Whether it’s building additional features like spot trading, options, or multi-collateral or improving core underlying technology the dYdX community will now control every aspect of the stack and can build the best possible product experience.

Website | Twitter | Discord

About Squid

Squid is a secure cross-chain router on Axelar Network that enables interoperability between blockchains and applications. Squid is easily integrated via their API, SDK, and front-end tools that facilitate fast and reliable single-click transactions and token transfers. Developers can use Squid to onboard users from any ecosystem and create scalable, seamless user experiences for anyone with a crypto wallet.

Try a swap | Docs | Twitter | Discord | GitHub | Mirror

About Axelar

Axelar delivers secure interchain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3.

Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus.

Docs | axelar.network | GitHub | Discord | Telegram | Twitter