The dYdX Community Advances Trading on dYdX Chain to Full Trading
The dYdX community has recently voted to progress trading on the dYdX chain (DYDX) from the beta stage to Full Trading. This decision follows a preparatory phase that saw trading advance from the Alpha to the Beta phase. During the Beta phase, the platform achieved a trading volume of approximately $1.86 million.
With the launch of Full Trading, validators and stakers will continue earning rewards. Additionally, Chaos Labs has designed a 6-month incentive program for active traders on the dYdX chain. The program aims to distribute $20 million worth of rewards for various trading activities.
One-way Bridge from ETH to dYdX
Alongside the launch of Full Trading, there will be a migration from the Ethereum (ETH) chain to dYdX using a one-way bridge called the wethDYDX Smart Contract. This process involves users exchanging their ethDYDX tokens for wethDYDX on Ethereum and DYDX tokens on the dYdX Chain.
In late October, the dYdX foundation announced its support for the native layer-1 dYdX Chain and its pivot away from Ethereum. Following its launch, the DYDX token experienced significant volatility but has since stabilized between $1.50 and $3. As of now, it is valued at $3.19.
Hot Take: dYdX Community Approves Full Trading Launch
The dYdX community has voted in favor of advancing trading on the dYdX chain from beta to full trading status. This milestone follows successful progression from the alpha phase to beta phase, with a trading volume of around $1.86 million. Validators and stakers will continue to earn rewards, while active traders can participate in a 6-month incentive program worth $20 million. Additionally, a one-way bridge will facilitate the migration from the Ethereum chain to dYdX. Despite initial volatility, the DYDX token has stabilized at a value of $3.19. The future looks promising for dYdX as it expands its trading capabilities and ecosystem.
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