dYdX will allocate $60 million to improve security
Native tokens for this amount will be placed in the Stride liquid staking protocol
08.04.2024 - 10:58
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Last updated on Aug 5, 2024
What’s new? The community of the dYdX decentralized exchange (DEX) has voted to allocate 20 million DYDX tokens worth about $60 million from the treasury to be placed in the Stride liquid staking protocol. This should increase the economic security of the network and incentivize the diversification of staking into the platform’s communities. Staking rewards in USDC stablecoins from Circle will automatically convert into more DYDX, “creating a flywheel effect for stakers,” writes exchange founder Antonio Giuliano.
What else is known? Giuliano explained that the revenue from the rewards received will be used to buy DYDX and put them back into the treasury.
In a vote in which 81% of participants took part, the proposal was supported by 91%. That said, some dissenters to the original proposal noted that its adoption could lead to a lower APY, making the token less attractive to new investors.
Stride welcomed the initiative and proposed a 7,5% fee, up from the standard 10%. “This prop will boost the economic security of the dYdX chain while improving stake decentralization,” the protocol noted.
Earlier, Santiment analysts included dYdX in the top 3 projects in decentralized finance in terms of developer activity. At the end of last year, the platform moved from the Ethereum network to its own Cosmos-based dYdX Chain blockchain, where the fourth version of the dYdX protocol is currently functioning. In late January, the project team added support for DYDX liquid staking.
DYDX ranks 85th in the cryptocurrency ranking by market capitalization with a figure of over $1,46 billion and is trading at $3,14, having added 4,6% overnight, while losing 27,1% over the month.
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