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dYdX V4 in-depth analysis: Lao Liek teaches you how to play with decentralized contracts with zero gas fees, and earn money by the way!

dYdX V4 upgrades to an independent public chain, and transactions are free of gas fees! Step-by-step tutorial from wallet to contract opening, safety reminder + CEX comparison, with permanent discount codes for Binance, OKX, and Bybit.

dYdX V4 in-depth analysis: Lao Liek teaches you how to play with decentralized contracts with zero gas fees, and earn money by the way!

#dYdX V4 is here! The "Jumao" project has evolved again, and Lao Liec takes you to play with the zero gas fee contract

Hey bro! When it comes to dYdX, the corners of the mouths of old leeks must be raised, right? That wave of "giant hair" back then, how many people relied on it to become gods in a battle! As the backbone of decentralized perpetual contracts, its popularity has not dropped yet. Today we won’t talk about Ancient Glory, but let’s talk about its new V4 version – what exactly has been upgraded? How to get started? I’ll teach you step by step, so you can play it even if you have no basic knowledge!

What is dYdX? Give the new leek some extra lessons first

dYdX emerged in 2017 as a decentralized exchange that integrates lending, leverage and perpetual contracts. Behind it are top venture capital investors such as Paradigm and A16Z, which are very powerful!

After it embraced Starkware in 2021, the transaction speed skyrocketed, and the problem of high gas fees was alleviated a lot. What’s even more outrageous is that it offers tiered transaction fees – the larger your trading volume, or if you are a market maker, the fees will be lower. In order to launch the new version of V4, the protocol is also planning to reward early users with $DYDX tokens! This wave of wool, if you don’t pick it up, you will be sorry for yourself!

The new version of V4 is bright and blind: you become a chain!

dYdX V4 is no small feat, it’s completely transformed! Main highlights:

  • Independent public chain: V4 runs directly on the Cosmos SDK, completely saying goodbye to Ethereum.
  • Off-chain order book: Order matching is done off-chain, and settlement is only uploaded to the chain, so fast.
  • Gas fee revolution: placing orders and canceling orders** without any gas fee**! Only a small amount of money is deducted when the transaction is completed, and the experience is as smooth as Dove.
  • Completely decentralized: From technology to governance, everything is left to the community, and Leek is truly in charge.

To put it bluntly, dYdX is now a chain in its own right! This upgrade is equipped with a high-performance off-chain order book and matching engine, with the goal of overturning the experience of centralized exchanges (CEX). This wave of operations is definitely a major blood change!

Step-by-step tutorial: Play with dYdX V4 from scratch, nanny-level teaching!

Dydx V4 is now online. Don't panic, we will use the most down-to-earth graphic tutorials to help you start from scratch. The tutorial uses OKX Web3 Wallet as an example. Of course, you can use other compatible wallets if you have them.

Blood and Tears Reminder: Before connecting to any DApp (decentralized application), your wallet must be downloaded from official or reliable channels! For the safety of your assets, it is strongly recommended to use the wallet service of a regular, licensed major firm. For example, follow the link below to register OKX. Its Web3 wallet is as stable as an old dog. You can also use our invitation code to get permanently discounted transaction fees. What you save is what you earn!

OKX permanent discount registration: [Click here to register OKX with the invitation code LULALA] (https://www.lywebuuz.com/join/LULALA), and directly get 20% commission rebate.

Step one: Connect your wallet, don’t get the wrong network!

  1. Open the dYdX official website.
  2. Make sure your EVM compatible wallet (such as OKX Web3 wallet) switches to Ethereum mainnet (or other networks supported by dYdX).
  3. Select Connect Wallet on the dYdX interface and select your wallet type (our example is OKX Wallet).
  4. The wallet will pop up a connection request. Click "Generate Wallet" and it is recommended to check "Remember me" to save trouble next time.
  5. Sign the wallet bomb message, confirm it twice, and you’re connected!

Step 2: Deposit/withdraw money, worry-free cross-chain

  • Recharge money:
  1. Connect your wallet and click "Recharge" in the upper right corner.
  2. Choose a recharge network (such as the Ethereum main network, but to save gas, second-tier networks such as Arbitrum and Optimism are more recommended). dYdX supports more than 13 chains, choose as you like!
  3. Select the currency you want to deposit (dozens of supported, take ETH as an example).
  4. Enter the amount, confirm the transaction in your wallet and wait for it to arrive. (The main network may be slower, but the second-tier network is much faster).
  • Withdrawal: Just do the opposite of recharging money. dYdX supports transferring assets to different chains and currencies, saving you the hassle of cross-chain troubles and making it easier to get a batch!

Step 3: On-chain transfer (transfer)

On the dYdX chain, you can directly transfer assets to other addresses.

  1. On the "Portfolio" page, find the "Transfer" button in the lower left corner and click it.
  2. Enter the target wallet address, select the asset and amount.
  3. After confirmation, the asset transfer on the dYdX chain is completed.

Step 4: Start trading (perpetual contract)

The main event is here! The experience is almost the same as that of centralized exchanges.

  1. The deposited assets are automatically converted into USD according to the market price as your margin.
  2. Select a trading pair on the trading interface, such as ETH/USD.
  3. Select "Open Long" (bullish) or "Open Short" (bearish).
  4. Enter the amount you want to trade or select the leverage, and then place the order.
  5. In the advanced settings, you can set "stop loss" and "take profit" trigger prices to manage risks and avoid liquidation.
  6. When closing a position, find the corresponding position in the order list and click the "❌" next to it.

Emphasis: The entire transaction process, from order placement to order cancellation, is without paying gas fees! Only when the transaction is completed, some money will be deducted, which is as smooth as CEX.

dYdX Platform Function Navigation: Don’t get lost!

After connecting and charging money, you can browse these core functional areas:

  • Portfolio: A dashboard of your assets.
  • Overview: Display total assets, profit and loss.
  • Positions: All current contract positions.
  • Order: Currently active orders (unfilled limit orders, etc.).
  • Transaction rate: It depends on the handling rate corresponding to your current level.
  • History: All transaction history.
  • Market: View real-time data for each trading pair, including trading volume, open interest, etc., to help you determine the market's popularity.
  • $DYDX Reward Area: A place to harvest wool and participate in governance.
  • Transaction Rewards: Earn points through transactions and exchange them for future $DYDX token incentives. Rewards are automatically sent to your dYdX chain wallet.
  • Staking Rewards: Stake $DYDX tokens to get rewards, support liquidity staking and select verification node staking through Keplr wallet.

Final words: Safety first, make the right choice!

As the leading decentralized derivatives exchange, dYdX provides an excellent choice for experienced players who pursue autonomy and low cost. The V4 upgrade is indeed a qualitative leap in performance and experience.

**However, for the vast majority of novices who are just getting started, or those who value more depth of liquidity, convenience of deposits and withdrawals of legal currency, and round-the-clock customer service, large centralized exchanges (CEX) with complete functions and relatively clear supervision are still a more stable starting point. **

Play with contracts, choose the wrong platform, and everything will go back to zero in minutes! Be sure to stay away from those unknown, unregulated “pheasant” exchanges. The risk of running away is frighteningly high. Choosing platforms like Binance, OKX, and Bybit that are ranked high in the world and hold compliance licenses is the most basic respect for your hard-earned money!

If you don’t have an account with one of these top exchanges, or want to lower the cost of capital preservation, follow our link to register and get a permanent fee discount, and what you save is what you earn:

Disclaimer: The market is dangerous, so be careful when investing. This article only talks about the dYdX platform introduction and operation tutorials, and does not constitute any investment advice. The risks of trading digital currency contracts are extremely high, and you may lose all your principal. You must fully understand the risks and weigh your tolerance before playing!

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