dYdX Chain Implements Trading Rewards for Validators and Stakers

One sentence summary – The dYdX Chain, a decentralized derivatives trading protocol, has introduced trading rewards for validators and stakers on its Layer 1 platform, following the full trading launch of the protocol, which has gained traction and facilitated over $1.86 million in trades across 33 markets in just two weeks, with plans to expand to more markets in the future, and a $20 million incentive program has been proposed to incentivize early adoption and prevent abusive practices.

At a glance

  • The dYdX Chain has implemented trading rewards for validators and stakers on its Cosmos-based Layer 1 platform.
  • Validators and stakers now receive 100% of the protocol’s trading fees as rewards.
  • Over 437 million ethDYDX tokens have been bridged, and approximately 16.45 million DYDX tokens are staked on the dYdX Chain.
  • The dYdX Chain has facilitated trading across more than 33 markets, with over $1.86 million in total trades within two weeks.
  • The platform has migrated from Ethereum’s Layer 2 scaling solution StarkEx to a standalone Layer 1 on Cosmos, offering scalability benefits.

The details

The dYdX Chain, a decentralized derivatives trading protocol, has recently implemented trading rewards for validators and stakers on its Cosmos-based Layer 1 platform.

This development follows the full trading launch of the protocol, which has gained significant traction in a short period.

This article aims to provide a detailed overview of the implementation and its impact on the dYdX Chain ecosystem.

Introduction of Trading Rewards

After a governance vote, the dYdX Chain has now introduced trading rewards for validators and stakers.

Previously, staking rewards were available during the beta phase, but the implementation of trading rewards was pending approval.

Validators and stakers now receive 100% of the protocol’s trading fees as rewards.

Stakers on the dYdX Chain will continue to receive rewards in both USDC and DYDX tokens.

Currently, over 437 million ethDYDX tokens have been bridged, and approximately 16.45 million DYDX tokens are staked on the dYdX Chain.

Impressive Trading Activity

Since its beta mainnet debut, the dYdX Chain has facilitated trading across more than 33 markets, offering leverage of up to 20x.

Within just two weeks, the protocol has witnessed over $1.86 million in total trades across approximately 14,000 transactions.

The full trading feature is initially available in four markets, with plans to expand to more markets in the near future.

This expansion is expected to attract a broader range of traders and increase overall trading volume on the platform.

Migration to Cosmos

The launch of dYdX version 4’s alpha mainnet marked the platform’s migration from Ethereum’s Layer 2 scaling solution StarkEx to a standalone Layer 1 on Cosmos.

Users can migrate their Ethereum holdings to the dYdX Chain using the wethDYDX smart contract.

To incentivize early adoption and boost trading volume, a $20 million incentive program has been proposed.

The program aims to prevent abusive practices like wash trading and will undergo community approval for distribution.

The implementation of trading rewards for validators and stakers on the dYdX Chain’s Layer 1 platform marks a significant milestone for the protocol.

With impressive trading activity and plans for expansion into new markets, the dYdX Chain is poised to attract a larger user base.

The transition to a standalone Layer 1 solution on Cosmos offers scalability benefits.

The proposed incentive program aims to reward early adopters and encourage further adoption.

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A group of people exchanging gifts and coins in a circle, symbolizing the implementation of trading rewards for validators and stakers.

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coingape.com
– The dYdX Chain has implemented trading rewards for validators and stakers on its Cosmos-based Layer 1 platform.
This development follows the full trading launch of the decentralized derivatives trading protocol.
– Staking rewards were available during the beta phase, but trading rewards were pending until a governance vote approved their implementation.
– Validators and stakers now receive 100% of the protocol’s trading fees as rewards.
– Stakers will continue to receive rewards in both USDC and DYDX.
Since its beta mainnet debut, the dYdX Chain has facilitated trading across over 33 markets with up to 20x leverage.
– In just two weeks, the protocol has seen over $1.86 million in total trades across approximately 14,000 transactions.
The full trading feature is initially available in four markets, with plans to expand to more markets soon.
The launch of dYdX version 4’s alpha mainnet marked the platform’s move to a standalone Layer 1 on Cosmos, transitioning from Ethereum’s Layer 2 scaling solution StarkEx.
– Users can migrate from Ethereum to the dYdX Chain using the wethDYDX smart contract.
– Over 437 million ethDYDX tokens have been bridged, and about 16.45 million DYDX tokens are staked on the dYdX Chain.
– A $20 million incentive program has been proposed to reward early adopters of the dYdX Chain and boost adoption and trading volume.
The program aims to prevent abusive practices like wash trading and will undergo community approval for distribution.

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