dYdX Chain launches trading and starts paying rewards to participants

BTC, ETH, SOL, and LINK trading are already available to users

29.11.2023 - 11:54

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Last updated on Aug 5, 2024

What’s new? The developers of the decentralized exchange (DEX) dYdX have completed the beta testing stage of their own blockchain by the decision of the community. Thus, on November 28, dYdX Chain moved to the full launch stage and now offers trading services for BTC, ETH, SOL, and LINK assets, as well as pays rewards to traders, validators, and stakers. More token markets will be added to the interface over the coming weeks.

Press release

What else is known? Members of the exchange community have decided to finalize the testing stage, as it has already demonstrated the stability of the network with only minimal bugs.

Along with the full launch, an incentive program has been launched, where early users of the fourth version of the dYdX protocol will be allocated $20 million in the exchange tokens DYDX over the next six months. Rewards for traders/market makers will be based on transaction volume.

Initially, dYdX was launched on a Layer 2 (L2) solution on the Ethereum network, but due to low throughput, the team started developing its own blockchain in the Cosmos ecosystem in March this year. The dYdX Chain was unveiled in late October, at which time it also launched a bridge to move assets from L2 to its own blockchain.

dYdX will unlock 150 million exchange-traded tokens on December 1

That is 30% of the volume of the asset’s offering to investors and the project’s team

On November 18, the exchange’s insurance fund lost $9 million: the funds were allocated to cover losses of users whose positions were liquidated due to manipulation of the YFI coin rate by an unknown attacker.

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