Effective today, we're making two product changes to the dYdX BTC Perpetual Market:
- Renaming the contract to BTC-USD
- Allowing USDT to be deposited and converted to collateral
Under the hood, the only asset that is held as collateral for the BTC-USD Perpetual will continue to be USDC.
* Perpetual Markets on dYdX not available in the United States. No actual Fiat USD is supported on dYdX.
How it works
dYdX makes it easy to deposit USDT to the BTC-USD Perpetual. Behind the scenes, dYdX integrates with Curve to convert the USDT to USDC that is ultimately held as collateral. Curve is an open decentralized exchange, and has one of the most liquid USDC-USDT markets, ensuring minimal slippage during this conversion.
Collateral and quote amounts for the BTC-USD Perpetual are displayed as USD. USD amounts on dYdX can be withdrawn 1:1 with USDC or can be withdrawn to USDT by performing an automatic stablecoin conversion through Curve.
USDT is by far the largest, most widely held, and most liquid stablecoin globally. Allowing traders who hold USDT to easily onboard into dYdX's BTC-USD Perpetual is essential to its user and liquidity growth.
Importantly, users of the BTC-USD Perpetual will not be exposed to price risk associated with USDT, as it is not held as underlying collateral.
Depositing USDT to the BTC-USD Perpetual is live today. We're continuously improving the product and welcome your feedback to help us improve dYdX. Here's how you can get involved:
Trade the BTC-USD Perpetual: https://trade.dydx.exchange/perpetual/BTC-USD
Join the conversation on Telegram: https://t.me/dydxofficial