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 was enabled to empower 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 backup 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 are able to check off the acknowledgement section and click the “Reveal secret phrase” button. These default settings on the open source software were added to create some intentional friction before a trader can export their phrase, ensuring that the trader acknowledges the risks and warning message before proceeding with next steps.
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.
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