Decentralized finance platform dYdX DYDX +0.58% announced Tuesday that it will be adding new updates to its blockchain network this coming fall. This upgrade, it claims, will be the “biggest upgrade” to the dYdX Chain since its launch.

As part of the upcoming upgrade, titled dYdX Unlimited, dYdX Chain will allow users to list new token trading markets without requesting approval from governance. The platform said users will be able to list a "virtually unlimited" list of markets, which it explains to be anything with an oracle price on Raydium, Ethereum, Base, or any centralized exchange.

Users who want to launch new markets on dYdX will need to deposit a certain amount of USDC, which will be decided by the governance, into MegaVault, which is its new “master liquidity pool" in the pipeline.

dYdX Chain or dYdX version 4 is a Cosmos app chain that facilitates the trading of crypto token derivatives. Based on trading volume, dYdX v4 is one of the top decentralized perpetual swaps platforms, hosting a trading volume of over $900 million on Tuesday alone, according to The Block's data dashboard.

What is dYdX's MegaVault feature?

MegaVault will act as the liquidity pool and a market maker for dYdX chain markets to secure a sufficient amount of liquidity on all markets, the announcement said. “Providing liquidity on dYdX through MegaVault is passive. Users do not need to select specific markets for liquidity; instead, they simply deposit USDC into the MegaVault,” dYdX said.

The DeFi platform said the new liquidity pool allows anyone who deposits USDC to participate in its revenue generation. Users will share MegaVault’s profit and losses and get a share of the protocol’s revenue, which will be determined by governance.

Other autumn updates include a referral program with cash rewards and permissioned keys for user wallets for better security and control.