dYdX Foundation Releases Semi-Annual Report on Ecosystem Growth
The dYdX Foundation, the organization behind the decentralized crypto exchange dYdX, has published its semi-annual report outlining the progress and achievements in 2023. The report highlights the development of the dYdX protocol and the growth of its community in preparation for the release of the v4 open-source software, known as the dYdX Chain.
The Journey So Far in 2023
The report emphasizes the importance of decentralized finance, particularly in light of regulatory challenges, corporate failures, and the FTX bankruptcy. Since announcing its plans to become a fully decentralized protocol, dYdX has made significant progress, achieving four out of five milestones and launching a public testnet. The testnet has facilitated over 2.9 million transactions with 57 validators and a block time of approximately 1.8 seconds.
The community recently voted in favor of migrating the native token, DYDX, to the upcoming dYdX Chain and adopting the dYdX v4 open-source software. The dYdX Chain is set to launch at the end of September, running on the Cosmos proof-of-stake blockchain.
Fostering Decentralized Governance
dYdX has also established a Decentralized Autonomous Organization (DAO) to promote decentralized governance. The DAO has already received 14 proposals, with 458 unique addresses participating in the voting process. On average, around 4.3% of the total supply of DYDX tokens were used in each vote. Notably, over 46,000 addresses hold DYDX tokens, and more than 70,000 have received them as rewards. The dYdX v3 protocol has seen a trading volume exceeding $230 billion, with a daily volume of $1 billion and a cumulative trading volume surpassing $1 trillion.
Despite challenging market conditions, the dYdX Foundation has expanded its team, recruiting key roles to support its operations. The team now consists of 13 full-time contributors, six contractors, a new marketing and communications lead, and an operations associate.
Hot Take
The release of the dYdX Foundation’s semi-annual report showcases the significant progress made by the organization in advancing decentralized finance and its commitment to decentralized governance. With the upcoming launch of the dYdX Chain and the continued growth of its community, dYdX is well-positioned to continue its success in the crypto industry.
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