Derivatives Trading Protocol dYdX Chain Commences Rewards Distribution After Greenlight From Community
Trading Rewards Now Live on dYdX Chain!
Following a governance vote, users can now earn from a $20M reward pool in $DYDX tokens.
$1.86M+ traded in 2 weeks across 4 main markets, with more to come as #dYdX transitions from #Ethereum to its own #Cosmos-based Layer 1.
Trade:… pic.twitter.com/7gs9zJVCdv
— Bo (@bo_opryshko) November 28, 2023
dYdX Chain, dubbed dYdX v4 and announced last year, is a standalone blockchain protocol built on the famous Cosmos software development kit (SDK) and the Tendermint proof-of-stake (PoS) consensus mechanism.
Having transitioned out of its beta stage, dYdX Chain users can now claim their trading fee rewards. 75.6% of community members staked over 7.7 million DYDX tokens to kickstart the distribution process.
Meanwhile, 24.4% of its members voted against this decision, and they staked 2.51 million of the exchange’s tokens to make their opposition heard.
As a crypto derivatives trading protocol, dYdX Chain allows users to engage in the buying and selling of digital assets in a permissionless manner. It also provides a sizable 20x in leverage.
Additionally, traders have access to 33 permissionless trading markets following the full-scale commencement of the platform on November 14.
The governance vote, which commenced on November 24 and ended on November 28, also covers the decisions of stakers and network validators.
The dYdX Chain community deposited up to 10 million DYDX tokens, and the online voting event had a 62.3% turnout success.
Validators and stakers are scheduled to receive rewards in the form of the USDC stablecoin and the native DYDX tokens.
Since its beta mainnet launch on November 14, 2023, dYdX Chain has recorded over 14,000 transactions totaling $1.4 million. However, this figure is
