Onboarding flow on dYdX Chain

Onboarding flow on dYdX Chain

dYdX Operations Services Ltd. avatar
Written by dYdX Operations Services Ltd.
Updated over a week ago

What are the onboarding options on dYdX Chain?

There are two main options to onboard onto dYdX Chain.

  1. Onboarding via a centralized exchange (Coinbase): Coinbase is currently the only centralized exchange to support onboarding onto dYdX Chain.

  2. Onboarding via depositing funds from connected wallet: Traders may also deposit funds from the wallet they've connected to dYdX chain with into their dYdX address. Onboarding times and fees will vary depending on the source chain and asset.

The steps to onboard are essentially the same for both options up until the deposit flow.

What does the onboarding flow look like on dYdX Chain?

Step 1: As part of the default settings of the v4 open source software (”dYdX Chain”), traders have the option to click on “Connect wallet” on the top right hand corner of the screen.

Step 2: Traders will have the option to connect their wallet. These are currently the wallets that are supported on dYdX Chain.

Step 3: As part of the default settings of the v4 open source software, once a trader selects the wallet of their choice, they will be prompted with a “Link Wallet” pop-up panel. If this is their first time onboarding to dYdX Chain, they will receive two new signature requests:

  • 1) Verify ownership: The first signature is to verify that the trader is the owner of this wallet

  • 2) Enable trading: The second signature confirms wallet compatibility

By clicking “Send requests,” signature request(s) will be sent to the trader’s wallet. Signing is free and will not send a transaction.

  • As a default feature, traders also have the option to toggle on “Remember me” if they are on a secure personal device.

Step 4: After the “Send requests” step, the trader will be prompted by their wallet to “Sign” the signature request(s). The trader should check their desktop windows or mobile wallets for the signature request(s). If there is an error message, this means that the wallet is not supported. Please see a list of wallets that are supported here.

Step 5: As part of the onboarding flow for the v4 open source software, the trader will be able to deposit funds by clicking “Deposit” at the top right hand corner of the trading panel. There will be a “Deposit” panel that pops up and gives the trader the option to:

  • Select source network under the “Source” dropdown

  • Select asset of choice under the “Asset” dropdown

  • Indicate the amount to deposit to dYdX Chain

Onboarding via a centralized exchange (Coinbase)

Step 6: Select "Coinbase" from the "Source" dropdown

Step 7: Selecting "Coinbase" will open a modal that displays the Noble address associated with the trader's dYdX address. The trader can then scan the QR code on Coinbase using the Coinbase QR code scanner, or copy and paste the Noble address into the destination address on the Coinbase withdrawal modal. Traders should make sure the Noble address is correct when withdrawing from Coinbase.

Step 8: After submitting the deposit on Coinbase, traders should wait until the funds have fully arrived at their dYdX address before closing the page.

Onboarding via depositing funds from connected wallet

Step 6: Traders should select the source network, asset, and amount to deposit. After depositing to dYdX Chain, traders should wait until the funds have fully arrived in their dYdX address before closing the page.

How does the bridging process work on dYdX Chain?

dYdX Chain uses Axelar, a decentralized cross-chain solution and one of the leading bridges in Cosmos. Axelar is a Cosmos SDK chain that facilitates bridging from Ethereum and several other chains to the Cosmos ecosystem. It also facilitates cross-chain swaps using Squid as its liquidity routing protocol on the Axelar Network. Learn more about this product integration here.

dYdX Chain also uses a cross chain relayer (”CCTP”), built by the developers of Noble, to seamlessly onboard existing Ethereum based end users. The CCTP functionality will support relaying between dYdX Chain USDC and USDC on all CCTP-enabled chains for deposits and withdrawals. Learn more about CCTP here.

What is the main form of collateral on dYdX Chain?

(Native) USDC is the collateral asset for perpetual trading on dYdX Chain. Circle launched native USDC on Noble Chain in September 2023 (announcement). Learn more about USDC here.

Step 6: “Confirm deposit.” Once a trader confirms their deposit, they will be prompted with a signature request from their wallet. “Sign” the request to verify the deposit. If a user is depositing for the first time, they will be prompted to “Approve” the asset, which is an additional transaction.

Step 7: As the deposit is taking place, the trader will be able to see the progress in the right hand panel under notifications. This shows the estimated time remaining on the bridging process. As a default feature, the trader can expand the notification to view more details on what step of the process they are on.

To withdraw, please see the help article, Withdrawals on dYdX Chain.

Disclaimer and Terms

This document may provide information with respect to the dYdX Chain software, and/or non-mandatory guidelines and suggestions that may help with using dYdX Chain software. dYdX Operations Services Ltd. does not run dYdX Chain validators nor operate or control the dYdX Chain network. dYdX Operations Services Ltd. is not responsible for any actions taken by other third parties who use dYdX Chain software. dYdX Operations Services Ltd. services and products are not available to persons or entities who reside in, are located in, are incorporated in, or have registered offices in the United States or Canada, or Restricted Persons (as defined in the Terms of Use). The content provided herein does not constitute, and should not be considered, or relied upon as, financial advice, legal advice, tax advice, investment advice or advice of any other nature, and you agree that you are responsible to conduct independent research, perform due diligence and engage a professional advisor prior to taking any financial, tax, legal or investment action related to the foregoing content. Axelar, Squid, Circle and Noble are independent from and unaffiliated with dYdX Operations Services Ltd., and dYdX Operations Services Ltd. is not responsible for any action taken by the foregoing or any other third parties, including content set forth on any third-party websites, such as any links to such content in this document. The information contained herein, and any use of products or services provided by dYdX Operations Services Ltd., are subject to the Terms of Use.

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