dYdX Foundation announced on September 18 via social media platform X that the dYdX community has voted in favor of adding the Turkish lira (TRY) to the dYdX Chain. This development paves the way for the active use of TRY on the dYdX Chain and contributes to the platform’s expansion.
Necessary Parameters for the TRY-USD Futures Market to be Added
As part of the accepted proposal, it is planned to add the necessary parameters, including x/prices, x/perpetuals, and x/clob, to establish a TRY-USD futures market. Initially, it will be created in ‘INITIALIZING’ status and will transition to ‘ACTIVE’ status after 3600 blocks.
According to information shared by the dYdX Foundation, this initiative is seen as a significant step towards the broad acceptance of TRY on the dYdX Chain and boosting trading volume. Community members evaluated the potential benefits of TRY during the voting process. The move is expected to diversify the platform’s liquidity options and expand its user base.
The Role of the dYdX Community and Future Expectations
Community voting is seen as a cornerstone of the governance structure for decentralized platforms, networks, and protocols. With the integration of TRY into the dYdX Chain, a new currency will start being traded on the platform, contributing to a more inclusive and user-focused ecosystem.
The addition of TRY to the dYdX Chain is also considered a strategic step in the platform’s international expansion. Thanks to the TRY-USD futures market, users will have the opportunity to trade using the Turkish lira, providing significant opportunities for local users. Following these developments, it is anticipated that the dYdX platform will continue to expand with other new currencies and trading pairs in the future.
The community’s decision stands out as an important step toward increasing the adoption of TRY and expanding Turkish lira-based trading options. The dYdX Foundation believes that this new market will cater to a much wider user base.
