Secret Phrase on dYdX Chain

Exporting secret phrase on dYdX Chain

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

Exporting Secret Phrase

As part of the default settings of the v4 open source software (”dYdX Chain”), traders have the option to “Export secret phrase” as part of the drop-down options on the top right-hand corner. This default setting on the open-source software enabled traders to take full custody of their assets.

On dYdX Chain, a trader’s unique “secret phrase” is a set of 24 words used to back up and access their account. Traders can read more about secret phrases here. Whoever knows the seed phrase for a wallet address can send, trade, and sell coins or tokens in the associated digital account.

Traders are required to wait 8 seconds before they can check off the acknowledgment section and click the “Reveal secret phrase” button. These default settings on the open source software were added to create intentional friction before a trader can export their phrase, ensuring that the trader acknowledges the risks and warning message before proceeding with the next steps.

Helpful reminders:

  • Recovery phrase should be stored in a private and secure location

  • Traders should never share their recovery phrase with anyone

  • We will never message anyone for their recovery phrase

As part of the default settings of dYdX Chain, after the 8 seconds, traders are now able to check off the acknowledgement message and click “Reveal secret phrase.”

As an additional safety guardrail and default setting, traders will not be able to see their secret phrase unless they select “Click to show” or “Show phrase.” Traders should ensure that their surroundings are private before revealing the secret phrase.

Why do I have a secret phrase?

As part of the default settings of dYdX Chain, the secret phrase is the mnemonic which controls a trader’s dYdX Chain address as well as its associated addresses across the Cosmos ecosystem of blockchains. Traders can learn more about a dYdX Chain address here. As a recap, each trader has a unique mnemonic that is created upon signature with their Ethereum address during the wallet connect step. This mnemonic then creates a dYdX Chain address as well as can be used to create addresses across a variety of Cosmos blockchains. This mnemonic is compatible with Cosmos wallets such as Keplr and Leap, and thus gives traders the option to import their secret phrase into a Cosmos-native wallet and explore the Cosmos ecosystem.

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. Keplr and Leap are independent from and unaffiliated with dYdX Operations Services Ltd., and dYdX Operations Services Ltd. is not responsible for any action taken by Keplr, Leap 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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