DYDX Trading Rewards Begin Following Successful Beta Phase
The dYdX Chain has recently introduced trading rewards for validators and stakers after the successful beta launch of its decentralized derivatives trading protocol. During the beta phase, staking rewards were available, but trading rewards were pending. However, with a governance vote in favor, trading rewards are now fully operational. Validators and stakers will receive 100% of the protocol’s trading fees, and stakers will continue to receive rewards in both USDC and DYDX.
Since its beta mainnet debut on November 14, the dYdX Chain has facilitated active trading across over 33 markets with up to 20x leverage. In just two weeks, the platform has seen over $1.86 million in total trades across approximately 14,000 transactions. The full trading feature is currently available in four markets, with plans to expand to more markets soon.
Transition from Ethereum to Cosmos Ecosystem
dYdX version 4’s alpha mainnet launch on October 26 marked a significant transition for the platform as it moved from Ethereum’s Layer 2 scaling solution StarkEx to a standalone Layer 1 on Cosmos. This strategic pivot aims to enhance the platform’s infrastructure and scalability.
Users transitioning from Ethereum to the dYdX Chain can use the wethDYDX smart contract to exchange ethDYDX tokens for wethDYDX on Ethereum and DYDX tokens on the dYdX Chain. Over 437 million ethDYDX tokens have been bridged, and approximately 16.45 million DYDX tokens are staked on the dYdX Chain.
Focus on Early Adopters and Responsible Trading
A new incentive program proposed by Chaos Labs and approved by the dYdX community will allocate $20 million in DYDX tokens for early adopters of the dYdX Chain. This program aims to increase adoption and trading volume while implementing measures against abusive practices like wash trading. The distribution of rewards will undergo community approval to ensure fairness.
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Hot Take: dYdX Chain Introduces Trading Rewards for Validators and Stakers
The introduction of trading rewards on the dYdX Chain marks a significant milestone for the platform. After a successful beta phase, validators and stakers can now receive rewards in recognition of their contributions to the protocol. This development further strengthens the platform’s appeal and encourages more participation from users. With its transition to the Cosmos ecosystem and a focus on early adopters and responsible trading, dYdX is positioning itself as a leading decentralized derivatives trading protocol. The allocation of $20 million in DYDX tokens for early adopters demonstrates the platform’s commitment to fostering growth and ensuring a fair and balanced approach.
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