DYDX Token Chosen as Native Asset for dYdX Chain

One sentence summary – The DYDX token has been chosen as the native asset for the new dYdX Chain, as voted by token holders, aiming to improve the functionality and efficiency of the dYdX decentralized exchange and introduce a fair fee structure for traders.

At a glance

  • The DYDX token has been voted as the native asset for the new dYdX Chain.
  • The vote received nearly unanimous support from DYDX token holders.
  • The dYdX Chain is being built using the Cosmos SDK and the Tendermint consensus protocol.
  • Traders on the dYdX network will no longer have to pay gas fees for trading.
  • The decision to make DYDX the native asset aims to enhance the functionality and efficiency of the dYdX decentralized exchange.

The details

The DYDX token has been voted as the native asset for the new dYdX Chain, according to recent reports.

This decision was made by DYDX token holders, who voted overwhelmingly in favor of the proposal.

The vote signifies a strong consensus among the community, with the proposal receiving nearly unanimous support.

The new dYdX Chain is currently under development as a standalone blockchain.

This blockchain is being built using the Cosmos SDK and the Tendermint consensus protocol.

The decision to use Cosmos was influenced by its ability to offer complete customizability.

This customizability allows for the creation of chains that are tailored to specific requirements.

One of the key benefits of this development for traders on the dYdX network is the elimination of gas fees for trading.

Instead of gas fees, the fees will be based on executed trades.

These fees will be accrued to validators and their stakers.

This system ensures a fair distribution of rewards.

At present, the second version of the dYdX Chain public testnet is live and operational.

This testnet is a crucial stage in the development process.

It allows for rigorous testing and fine-tuning before the mainnet launch.

The trading price of DYDX currently stands at $2.05.

This price provides an insight into the market sentiment surrounding the token.

The decision to make DYDX the native asset for the dYdX Chain reflects the confidence and support of its holders.

This move is intended to enhance the functionality and efficiency of the dYdX decentralized exchange.

It also introduces a fair and sustainable fee structure for traders.

As the project progresses, the impact of this decision on the dYdX ecosystem and the wider DeFi landscape will be observed.

Article X-ray

A vibrant, circular token symbolizing DYDX is at the center of a decentralized chain.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

dailyhodl.com
– DYDX holders have voted to make the token the native asset for the new dYdX Chain
– The proposal received virtually 100% support from voters
– The new chain is developed as a standalone blockchain based on the Cosmos SDK and Tendermint consensus protocol
– Cosmos was chosen because it offers complete customizability for building chains according to specific needs
– Traders on the dYdX network will not pay gas fees to trade, but rather fees based on trades executed
– These fees will be accrued to validators and their stakers
– The second version of the dYdX Chain public testnet is currently live and running
The current trading price of DYDX is $2.05

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