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I saw a sentence in the trading group: @dYdX
"dYdX v4.0 has been updated, and Reduce-only has finally arrived!"
My first reaction: Isn't this just a small feature? What great use can it have?
As a result today, I almost lost my position directly because I didn't enable this feature.
The thing is this:
I usually like to place conditional orders when trading. Last night, I set a stop-loss order, and I originally intended to "liquidate my position after the stop-loss," but I forgot to cancel my previous limit buy order before going to sleep.
If it weren't for dYdX v4.0's Reduce-only feature stopping me, my short position would have been reversed and increased, and the liquidation warning would have been imminent.
At that moment I finally understood, this thing is not a small feature, it's a lifesaver button.
I have seen friends fall victim to cross-chain withdrawal vulnerabilities before, with their funds being transferred out instantly.
This time, dYdX has added hourly & daily withdrawal limits for IBC, and even sub-accounts with negative collateral are directly frozen for withdrawals.
It sounds verbose, but honestly, this set of security measures is like a "sleeping pill" for traders, so they don't have to worry every day about being killed by system bugs.
In the past, many people didn’t bother with DAO voting, resulting in MEV validators constantly taking advantage.
v4.0 has directly launched the x/govplus module. If you do evil? Token holders will directly punish you.
With the addition of account authorization features, voting and re-voting can be easily handled by others with just one click, even someone like me, a "governance slacker," couldn't help but cast a few votes.
v4.0 is not a "feature addition" but an upgrade of dYdX from a "pure trading platform" to a more secure and autonomous derivatives ecosystem.
In the past, you thought trading was "a war between yourself and the market."
Now, with Reduce-only, IBC limits, x/govplus,
You have a few more teammates to save your life.
Brothers, remember to try the Reduce-only feature, don't wait until you're liquidated to regret it.