Accessing governance and staking on dYdX Chain

Governance and staking on dYdX Chain

Roselynn Chang avatar
Written by Roselynn Chang
Updated over a week ago

Traders could have the option to liquid stake via Stride or access a governance and staking dashboard on Keplr.

Liquid staking via Stride

Traders could have the option to access liquid staking, such as through an unaffiliated and independent third-party, Stride. In order to do so, traders can access liquid staking directly on Stride's site, or discover it from the front-end software. Traders will need to use a compatible wallet to do so, such as Keplr. Instructions are available in the following section for creating a Keplr wallet in order to access this functionality. For more information on liquid staking and Stride, please see Stride's documentation here.

Governance and Staking on Keplr

If a trader chooses to participate in governance or staking, they could export their secret phrase to a Keplr Wallet, and subsequently stake or vote via a Keplr Dashboard — here is an example of a Keplr Dashboard.

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.

Before exporting the secret phase, traders should install the Keplr browser-extension to their compatible-browser.

If traders don’t have any wallets configured within Keplr, it will instruct them to either “Create a new wallet”, “Import and existing wallet”, or “Connect Hardware Wallet”. Choose “Import an existing wallet”.

If traders do already have a wallet installed, traders have the option to navigate to “add wallet” and then select “Import an existing wallet”.

Next, select “Use recovery phrase or private key”.

Next, select “24 words” on the Import Existing Wallet page.

Next, traders should export their secret phrase from the dYdX UI.

Note, if exporting a secret phase, ensure it is kept highly secure. Anyone with access to the secret phase can steal all assets in the wallet, so it’s strongly recommended that this process is done on a secure computer.

On the dYdX UI, click the wallet dropdown on the upper righthand corner of the screen. Then, select “export secret phrase”. Click “Reveal”.

After revealing the secret phase, “copy” the phrase and head back to the Keplr UI and paste the phrase into the “Import Existing Wallet” page. Reminder to paste 24 words.

Continue to “Set Up Your Wallet” on Keplr by creating a wallet name and a unique password. Select the applicable name of the chain, such as dYdX Chain.

Once the secret phrase is successfully imported into Keplr, the trader can connect their Keplr wallet to a Keplr Dashboard to stake and vote — here is an example of a Keplr Dashboard to stake and vote.

Disclaimer and Terms

This document may provide information with respect to the default settings of dYdX Trading Inc. (”dYdX”) v4 software, or non-mandatory guidelines and suggestions that may help with using v4 software. Stride and Keplr are independent from and unaffiliated with dYdX, and dYdX is not responsible for any action taken by Stride, Keplr or any other third parties, including content set forth on any third-party websites, such as any links to such content in this document. dYdX does not deploy or run v4 software for public use, or operate or control any dYdX Chain infrastructure. dYdX is not responsible for any actions taken by other third parties who use v4 software. dYdX 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 dYdX 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. The information contained herein, and any use of v4 software, are subject to the v4 Terms of Use.

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