Note that, if we're working with a function $y=y(x)$, then $y^2$ is just the usual multiplication $y(x)\cdot y(x)=y(x)^2$. This is the same as composing the function
$$
f(x)=x^2
$$
with $y(x)$, which gives $f(y(x))=y(x)^2$.
Now, if we're searching the derivative of $y^2$ with respect to $x$, we must use the Chain Rule and consider $y^2=f(y)$, which gives us
$$
\dfrac{d(y(x)^2)}{dx}=\dfrac{d(f(y(x))}{dx}=\dfrac{df(y)}{dy}\cdot\dfrac{dy}{dx}
$$
And since $\dfrac{df(y)}{dy}=\dfrac{d(y^2)}{dy}=2y$, you get the result. You should notice that since it's an implicit derivative, $\dfrac{dy}{dx}$ will depend on the value of $y(x)$ (that's why it's implicit).
For example, let's suppose that $y(x)$ is given implicitely by the equation $x^2+y(x)^2=1$ and we're trying to find the value of $\dfrac{dy}{dx}$ in a given $x$ point where $y(x)\neq 0$. We derive both sides of the equation, and use the argument given above (before we introduced the example) to get
$$
\dfrac{d}{dx}(x^2+y(x)^2)=0
$$
then
$$
\dfrac{d(x^2)}{dx}+\dfrac{d}{dx}(y(x)^2)=0
$$
$$
2x+2y\dfrac{dy}{dx}=0
$$
This is the part we used the forementioned argument. Now we can get the value we want:
$$
\dfrac{dy}{dx}=\dfrac{-2x}{2y}
$$
I hope it is clear enough!