Fordefi MPC Wallet Launches Native dYdX Support

We are excited to announce our native support for the dYdX Cosmos app-chain. dYdX is the leading perpetual exchange that recently deployed its V4 on a decentralized dYdX app-chain in the Cosmos ecosystem.

In continuation to previously announced Cosmos support, and as we strive to provide the best cross chain institutional DeFi wallet, we extend our offering in the ecosystem.

Fordefi’s platform natively supports the dYdX chain which allows our customers to securely hold their dYdX native tokens and all other tokens on the chain, transfer them to your counterparties and stake them with any of the staking providers available in the Keplr dashboard, while utilizing our secure platform with MPC, transaction policies, multiple approval flow, enclave protection, and more.

We will show in this blog how you can bridge your dYdX ERC-20 tokens on Ethereum to native dYdX tokens on its new chain, and then delegate them to a validator.

1 Please navigate to the Keplr Dashboard and connect your Fordefi extension. You will see balances in the Fordefi’s vault in the dashboard (you can see in the top right corner that Fordefi’s extension is connected).

2 Here you can leverage Fordefi’s cross chain extension which can be connected both as Metamask on the Ethereum side and as Keplr on the Cosmos side. Click on "Connect Metamask  Keplr Dashboard".

3 Fordefi’s extension will ask to connect to the EVM side.

4 Once you connect the Fordefi extension, you will be asked to give allowance to swap your dYdX ERC-20 tokens. Here you can see our extension connected simultaneously on the two networks. Click on Approve Allowance.

5 After you sign the Allowance transaction on the mobile app, the pop-up will move to the next state of actually migrating the tokens. Here you can see the simulation result of the migration transaction.

6 Once the transaction is signed on the mobile app, the transaction is submitted on chain and you are done!

7 Now that you have native dYdX tokens, you can go ahead and stake your tokens. Click on Stake.

8 Choose a validator.

9 Specify the amount you wish to stake and click on "Stake".

10 Review the message JSON in the extension and then click "Create". You will receive a notification on your Fordefi's mobile app to sign the transaction with our MPC technology.

11 Once the transaction is signed, it is broadcast on chain and your tokens are delegated!

About Fordefi

Fordefi's MPC wallet platform and web3 gateway enables institutions to seamlessly connect to dApps across a wide range of chains while keeping digital assets secure. Fordefi was founded in 2021 by crypto custody and cybersecurity experts and designed in close collaboration with industry-leading trading firms, funds and custodians. Fordefi is a financial technology company with offices in New York and Tel Aviv. For more information, visit www.fordefi.com.