DYDX Migration Guide
DYDX tokens on Ethereum need to be migrated to dYdX Chain in order to secure the network and start earning the staking rewards from the exchange’s trading fees.
The dYdX Chain is live, and we have entered the post-genesis phase. But the traders still have to wait until the ‘Beta’ stage to start trading on it. The post-genesis has two stages: Alpha & Beta. During the Alpha phase, the networks gains stability from DYDX token staking on the dYdX Chain. And this is the guide for dYdX migration from Ethereum to dYdX Chain. Without further ado, let’s get started.
Migration Interface: dydx-migration.mintscan.io/
Video Guide: youtu.be/ENzMV5TkmtY
dydx-migration.mintscan.io
First things first — make sure that you are in the right place. There might be many scam sites trying to steal your assets. This migration interface is powered by Mintscan, the official block explorer of dydX Chain.
Connect Metamask Wallet
From the landing page of the dYdX migration interface, you can connect your Metamask wallet to generate your dYdX Chain address and your DYDX token balance. Through the migration process, you’ll send your DYDX token to the bridge contract on the Ethereum network and receive two tokens in return: wethDYDX and dYdX Chain token.
You can participate in dYdX v3 governance on Ethereum with wethDYDX, and you can stake dYdX Chain token on the other side to help securing the network and earn DYDX staking rewards.
Bridging Process
The DYDX token bridging involves two transaction signs from the account owner — for the DYDX token spending approval and the bridge contract execution.
You can see that 1 ethDYDX returns 1 wethDYDX and 1 DYDX Chain token as it goes through the bridge contract. You can check the bridge contract in the details box.
wethDYDX & DYDX
When you sign the bridge transaction, your ethDYDX is sent to the bridge contract. The bridge contract locks your ethDYDX and returns wethDYDX on the Ethereum netowrk so that you can still participate in the v3 governance on Ethereum.
Then the contract interacts with the dYdX Chain to mint the dYdX Chain token on your dYdX Chain account. It takes about 30 minutes for the chain to acknowledge your bridge transaction from the Ethereum side. And it can take up to 40 hours for the token to be minted on the dYdX Chain. The long hours are there to prevent any unlawful activities. You can always check your DYDX token balance on Mintscan’s account details page or on this migration interface.
DYDX Staking
Once you receive your DYDX token on the dYdX Chain, you can stake it to help securing the network and start earing the staking rewards. Remember, the dYdX post-genesis Beta stage can only start after there is enough staking of DYDX token on the dYdX Chain. You can expedite the transition from the Alpha stage to the Beta stage by staking DYDX token from this migration interface.
On the staking interface, you can see your DYDX balance, staked amount, and estimated APY for staking. Enter the amount of token you want to stake and click ‘STAKING’ button. You’ll be asked to confirm your transaction request before the staking transaction is broadcasted.
DYDX migration is now complete!
Stake with Cosmostation
Cosmostation is a dYdX Chain genesis validator and a key player in the Cosmos ecosystem, providing invaluable infrastructure legos essential for scaling and onboarding users onto blockchain networks. Through Mintscan, Cosmostation continues to drive the ethos of transparency and user-centric design, fostering a more insightful interaction with blockchain data across various networks. At Cosmostation, we bootstrap networks and onboard end-users.
Stake DYDX with Cosmostation to help secure dYdX Chain and get staking rewards(stakers will get a portion of dYdX trading fees — in USDC!).
