DYDX Token Chosen as Native Asset for New Standalone Blockchain
If you’re a DYDX holder, here’s some exciting news for you. The decentralized exchange (DEX) dYdX is preparing to migrate from Ethereum (ETH) to its own network, and the token holders have voted to make DYDX the native asset for the new chain. This proposal, initiated by crypto market maker Wintermute, received nearly unanimous support.
dYdX has developed a standalone blockchain using the Cosmos SDK and Tendermint consensus protocol. After extensive research, Cosmos was chosen because it offers the flexibility to build chains tailored to specific requirements. One significant advantage of this new chain is that traders won’t have to pay gas fees for trades. Instead, they will pay fees based on executed trades, similar to dYdX v3 and centralized exchanges.
The second version of the dYdX Chain public testnet is currently live and running, indicating progress towards the migration. DYDX is currently trading at $2.05.
Hot Take: DYDX Token Gains Momentum as Native Asset
The decision to make DYDX the native asset for the new standalone blockchain demonstrates the strong support and confidence in the token’s value. This move also highlights dYdX’s commitment to providing a tailored and cost-effective trading experience for its users. With the migration to its own network, dYdX is positioning itself for even greater success in the decentralized exchange space.
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