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dYdX offers a unique value proposition by disbursing staking rewards in USDC rather than in its native token. While this approach has its benefits, particularly in diversifying reward streams, it also introduces complexities in managing and maximizing these rewards.
Many custody solutions struggle to accurately track USDC rewards from dYdX staking, thereby hindering users' ability to withdraw, reinvest, or effectively utilize their dYdX-USDC rewards. This limitation not only restricts the liquidity of assets but also hampers the potential for reward compounding – a critical strategy to enhance the efficiency of staked capital.
Kiln Dashboard accurately tracks and manages USDC rewards from dYdX staking. It also empowers users with the flexibility and efficiency needed to optimize their staking strategies. This innovation is not just about rectifying a display issue; it's about unlocking new opportunities for stakers.
Another barrier that Kiln's solution elegantly overcomes is the inability to compound USDC rewards into an existing dYdX stake due to the difference in asset types.
By leveraging Cosmos Inter-Blockchain Communication (IBC, and Noble’s USDC bridge it is possible to bridge your rewards to another chain or reinvest USDC rewards into dYdX staking in just a few clicks.
First, you'll transfer your USDC from dYdX to your wallet on the Noble chain using Fireblocks raw signing API. Then, you'll use Circle's Cross-Chain Transfer Protocol to burn the USDC on Noble and mint it on your desired destination chain, be it Ethereum or a Cosmos-based network like Osmosis. It's a seamless, secure, and efficient way to move your assets where you need them.
In conclusion, Kiln's approach to managing dYdX staking rewards empowers users to accurately track and make the best use of their digital assets. By enabling seamless bridging of dYdX-USDC rewards, Kiln is setting a new standard in the staking landscape—one that promises greater control, efficiency, and growth potential for stakers.
Learn more on our docs and request access to Kiln Dashboard
Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake assets and whitelabel staking functionality in their offerings. Kiln runs validators on all major PoS blockchains, with over $7 billion in crypto assets being programmatically staked and running over 4.3% of the Ethereum network on a multi-client, multi-cloud, and multi-region infrastructure. Kiln also provides a validator-agnostic suite of products for fully automated deployment of validators and reporting and commission management, enabling custodians, wallets, and exchanges to streamline staking operations across providers. Kiln is also SOC2 Type 2 certified.
