Discover the Evolution of DYDX Token and the dYdX Chain
Explore the journey of DYDX, the native token of the dYdX Chain, transforming from a governance-only coin to a versatile and dynamic asset within just six months of its launch.
A Glimpse into DYDX’s Launch Story
Get insights into the inception of DYDX and the dYdX Chain, starting from its launch in October 2023. Originally introduced as ethDYDX in August 2021, serving as a governance token for the Ethereum-based layer-2 protocol dYdX v3.
- Transition to DYDX: In September 2023, the dYdX community opted for DYDX as the primary token for the dYdX Chain, initiating a seamless transition process for token holders.
- Token Migration: Over 75% of ethDYDX tokens have been successfully converted to DYDX and migrated to the dYdX Chain, with the remaining 25% undergoing the conversion process.
Exploring Staking Opportunities with DYDX
Learn about the staking rewards mechanism incorporated within the dYdX Chain, offering attractive benefits to stakeholders, including the distribution of 100% of protocol fees mainly in Circle (USDC) to stakers.
Staking Benefits: Discover the various advantages of staking DYDX, such as reinvesting USDC rewards into different assets, using USDC as collateral for trading, and more.
- Staker Rewards: With over 18,900 DYDX stakers receiving rewards totaling $20 million, explore the potential for growth and returns within the ecosystem.
- Active Set Validators: Stakeholders can engage with the dYdX Chain by staking around 149 million DYDX, representing 14.9% of the total supply, with an attractive annual yield of 18%.
Highlights of the Journey Thus Far
Discover recent developments within the dYdX community, including the approval of a proposal to liquid-stake 20 million DYDX tokens, enhancing network security and decentralizing validator operations while generating additional yield from rewards.
- Trading Volume Surge: The dYdX Chain has achieved a cumulative trading volume exceeding $120 billion, signaling significant growth and adoption within the platform.
- Governance Initiatives: Community members have actively participated in governance by proposing 55 initiatives, showcasing a robust decision-making process within the network.
- Token Overview: With a total supply of 1 billion tokens, a circulating supply of 501 million DYDX, and a structured five-year token distribution plan, DYDX sets the stage for long-term sustainability and growth.
Unveil the Potential of DYDX Token and dYdX Chain
Explore the evolving landscape of DYDX as it continues to establish its presence within the dYdX Chain ecosystem, offering unique opportunities for stakeholders to engage, earn rewards, and contribute towards network growth.
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