Stride Staked DYDX

stDYDX is a token representing staked DYDX, created through the Stride protocol, enabling easy conversions to the original tokens and facilitating transactions, transfers, and participation in DeFi activities. dYdX is a decentralized perpetuals exchange platform operating on the Ethereum blockchain. stDYDX auto-converts USDC staking rewards to staked DYDX.

With Stride, users can liquid stake their tokens on any Cosmos chain using Stride (a sovereign zone). Users receive staked tokens immediately when they liquid stake. Rewards accumulate in real time to staked token holders. These staked tokens can be freely traded, and can be redeemed with Stride at any time to receive back native tokens plus staking rewards. On the backend, Stride permissionlessly stakes these tokens on the host chain and compounds user rewards. Users continue to earn staking yield, and can earn additional yield by lending, LPing, and more.