How to use dYdX on imToken?
New version of dYdX is released today, which is a Layer2 protocol for cross-margined perpetuals, based on StarkWare’s StarkEx scalability engine and dYdX’s Perpetual smart contracts. Traders can expect significantly lower gas costs, and in turn, much lower trading fees and minimum trade sizes.
After you deposited the amount on dYdX, you can check your equity, purchased computing, rate of margin and account leverage:
- Equity is the value of your margin
- Purchased computing = your deposit * maximum leverage
- Rate of Margin = (aggregate gross position / maximum leverage) / Equity
- account leverage = aggregate gross position / value of margin
The advantage of the dYdX in Layer2
- dYdX reduces trading fee across the board for users. Users no longer have to pay gas fees while trading.
- Users can deposit the amount on Layer2 without waiting.
- User’s security and privacy will be guaranteed by the Zero-Knowledge Proofs in the dYdX.
- Multiple perpetual contract markets are available for traders through a single margin account, which increases the capital efficiency.
Let’s try the new dYdX on imToken.
1. Open imToken then go to ‘Browser’ and search ‘dYdX’
2. Connect the imToken wallet and sign the sigure to generate the Stark private key.
You can use UserName and Email to create your account , then sign the signature please.
3. Click ‘Register’ to enable the layer2. It registers your account in the StarkEx contract and needs to pay a gas fee. Sign the signature to connect your imToken wallet, meantime.
Enable the USDC for authorization on the chain, after that deposit the amount of USDC as a margin for a contract transaction.
4. Now you can choose the trading pair for ‘Market Order’ or ‘Limit Order’ to trade.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.
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