dYdX Chain currently operates on the Cosmos-based Layer 1 platform. DeFi altcoin project has launched trading rewards for validators and stakers. Thus, he took another important step.
DeFi altcoin project launches trading rewards
This development follows the full trading launch of the decentralized derivatives trading protocol. These awards mark a new chapter in the development of the platform, especially after a decisive governance vote that set this change in motion. dYdX Chain has facilitated active trading in more than 33 markets since its beta main-net launch on November 14. Additionally, it provided up to 20x leverage. While staking rewards were available during this beta phase, trading rewards remained on hold. However, validators and stakers accumulated 100% of the protocol’s transaction fees. With the conclusion of the governance vote, trading rewards are now fully operational. Additionally, stakers will continue to receive rewards in both USDC and DYDX.
The DeFi altcoin has witnessed significant activity in just two weeks since its beta launch. It totaled more than $1.86 million in trading volume across nearly 14,000 transactions. A testament to the growing popularity of the platform and the solid infrastructure managed by dYdX Operations subDAO. Initially, the full trading feature is available on four pairs including BTC/USD, ETH/USD, SOL/USD and LINK/USD. However, the platform plans to expand to more trading pairs soon.
Transition from Ethereum to Cosmos ecosystem
cryptokoin.comAs you follow from , the alpha mainnet of dYdX version 4 was released on October 26, marking the platform’s transition to a standalone Layer 1 on Cosmos. Thus, the Defi altcoin has experienced a significant change. This migration from Ethereum’s Layer-2 scaling solution StarkEx in version-3 represents a central strategic pivot.
The migration process for users from Ethereum involves the wethDYDX smart contract, which facilitates the exchange of ethDYDX tokens for wethDYDX on Ethereum and DYDX, the native token on the dYdX Chain. More than 437 million ethDYDX tokens have been significantly bridged. Additionally, users staked approximately 16.45 million DYDX on dYdX Chain.
Focus on early adopters and responsible commerce
There is a new incentive program proposed by Chaos Labs and approved by the dYdX community. Under this program, the project allocates $20 million DYDX for early adopters of dYdX Chain. This six-month program aims to increase adoption and transaction volume. It also aims to crack down on abusive practices such as wash-trading. The distribution of these rewards will be approved by the DeFi altcoin community, ensuring a balanced and fair approach.
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