The dYdX Chain, part of the Cosmos ecosystem and operating its own Layer-1 ecosystem, has begun distributing rewards from derivative trade transactions to users following a DAO vote decision that marked the commencement of full operations within its decentralized future trade protocol. The beta mainnet of dYdX Chain was launched within the Cosmos ecosystem on November 14, and since then, leveraged trade services of up to 20x have begun on more than 33 pairs.
What’s Next for dYdX?
Although stake rewards were active during the beta phase of the dYdX Chain, trade rewards were not yet being distributed, but users were accruing 100% of the protocol’s commission fees. Following the completion of a DAO vote earlier today, trade rewards are now fully activated. Stake rewards for active validators and users on the network continue to be paid in USDC and DYDX.
Since the initiation of the beta phase two weeks ago, approximately $1.86 million has been transacted in about 14,000 transactions, as announced by the dYdX Operations subDAO managing the decentralized infrastructure of the dYdX Chain ecosystem.
Currently, only four pairs are available for trading in the addressed process. The dYdX Operations subDAO team has announced that more pairs, including BTC/USD, ETH/USD, SOL/USD, and LINK/USD, will be added to the ecosystem in the coming weeks.
Noteworthy Steps by the dYdX Team
The alpha mainnet for dYdX version 4 was launched on October 26, in conjunction with the first launch of the Cosmos-based blockchain network, signaling a notable transition for the leading DeFi futures platform, which previously relied on Ethereum Layer-2 scaling solution StarkEx, to become an independent Layer-1 ecosystem on Cosmos.
Users transitioning from Ethereum to the dYdX Chain used the wethDYDX smart contract, a one-way bridge that facilitated the swap of ethDYDX tokens for wethDYDX and DYDX, the native token of dYdX, on Ethereum. According to the dYdX Foundation, there are currently over 437 million ethDYDX tokens bridged on the dYdX Chain and 16.45 million DYDX tokens staked.
The dYdX community has also approved the launch of a six-month incentive program proposed by Chaos Labs today. The program aims to increase adoption and trading volume by allocating $20 million worth of DYDX tokens to be distributed among the early users of the dYdX Chain.
- dYdX Chain starts rewarding users on Cosmos.
- Significant growth marked with stake and trade rewards.
- Community-driven incentives to boost dYdX adoption.