dYdX Wallet Migration Guide — How to Manage Your DYDX Tokens
How to export a dYdX Chain wallet from Metamask to Cosmostation Wallet for better assets management.
dYdX v4 leverages the high throughput and customizability of dYdX Chain. And because dYdX Chain is a separate network from Ethereum, it has its own address and wallet structure. While the exchange’s users can still trade on dYdX with Metamask wallet, Cosmostation Wallet is a better option for the overall DYDX token management on dYdX Chain. It’s better suited for staking, governance, and bridging across the Interchain ecosystem.
About Cosmostation Wallet
Cosmostation Wallet is a non-custodial crypto wallet built by Cosmostation team. It supports more than 60 networks across EVM and Cosmos including dYdX Chain, Ethereum, Cosmos, Axelar, and Noble. 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.
Table of Contents
- Migration to Mobile Wallet
- Migration to Extension Wallet (To be released)
1. Mobile Wallet Guide
Step 1: Download and Install Cosmostation
First, you need to install the Cosmostation app. Cosmostation is available for both iOS and Android.
For iOS users, download the app from the App Store. For Android users, you can find it on the Google Play Store. Just search for “Cosmostation” and click on the download/install button.
Step 2: Open the App and Start the Account Creation Process
Once the app is installed, open it. You will see a “START” option on the homepage. Click on this option to start the account creation process.
Since you already have a mnemonic phrase, click “Restore with Mnemonic” option.
Step 3: Set Up a Wallet Name
On the next screen, you’ll be asked to name your wallet. Choose a name that’s memorable but doesn’t reveal personal information. Enter your 24-word mnemonic phrase you got from the migration page.
Step 4: Set a Wallet Password
You will now be asked to create a password for your wallet. This password will be required every time you access your wallet or authorize transactions. It has to be a combination of 4-digit numbers and a alphabet. After you complete the wallet creation process, you can enable Biometric Authentication to authorize transactions through face-id or fingerprint.
Remember, if you forget your password, you won’t be able to access your wallet. Cosmostation doesn’t store your password for security reasons.
Step 5: Choose dYdX Chain
In the next screen, you will see a list of supported networks. Choose “DYDX” from the list and click “Add Wallet”.
Step 6: Your DYDX Wallet is Created
Congratulations, you now have a DYDX wallet address!
To stake your migrated DYDX token on dYdX Chain, click “Delegate” button. You can also participate in dYdX Chain governance in the “Governance” menu.
Remember, your wallet’s security is your responsibility. You should only share your public key (wallet address) with others. Keep your password and mnemonic phrase safe, and never share them with anyone.
That’s all you need to know about creating a dYdX Chain wallet account using Cosmostation Wallet. Now you can stake DYDX, claim DYDX staking rewards, and vote on dYdX Chain governance from Cosmostation Wallet.
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!).
2. Extension Wallet Guide
Step 1: Download and Install the Cosmostation Extension Wallet
First, you need to download and install the Cosmostation extension wallet. It is currently available for Google Chrome. You can download it from the Chrome Web Store. Search for “Cosmostation Wallet,” then click on “Add to Chrome” to start the installation process.
Step 2: Export Your dYdX Chain Mnemonic Phrase
dYdX v4 creates a new set of 24-word mnemonic phrase for your dYdX Chain account. It’s different from the mnemonic phrase you use for Ethereum. You can find your dYdX Chain address and the new set of mnemonic phrase from the Mintscan’s dYdX migration interface or the dYdX exchange’s wallet information interface on the top right corner.
Click ‘export secret phrase’ or ‘export mnemonic’ option to get your 24-word mnemonic phrase.
Step 3: Open the Extension and Begin Account Creation
Once you’ve installed the extension, locate it in your browser’s toolbar and click on it. It’s recommended that you pin the extension for easy access.
You’ll see a “Start” button on the welcome screen. Click on this to begin creating your new account. Since you already have a mnemonic phrase, click “Import Wallet” option.
Step 3: Set Up an Account Name
On the next screen, you’ll be asked to name your wallet account. Choose a name that’s memorable but doesn’t reveal personal information. Enter your 24 word mnemonic phrase you exported from [Step2].
Step 4: Choose the dYdX Chain
In the next screen, you will see a list of supported networks. You can search dYdX Chain from the search bar as well. Toggle “dYdX Chain (DYDX)” on from the list and click “Add Wallet”.
Step 5: Create a Wallet Password
The next step is to set a password for your wallet. This password will be necessary whenever you want to access your wallet. Ensure the password is strong and difficult to guess.
Remember, Cosmostation does not store your password for security reasons. If you forget your password, you won’t be able to access your wallet.
Step 6: Your dYdX Chain Wallet is Created
Congratulations, you now have a dYdX Chain wallet address!
Find “DYDX” from the list of chains supported on Cosmostation wallet. Click it to access your dYdX Chain wallet.
To share or copy your Cosmos wallet address, click the address on your wallet.
Remember, your wallet’s security is your responsibility. You should only share your public key (wallet address) with others. Keep your password and mnemonic phrase safe, and never share them with anyone.
