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dYdX Chain Successfully Completes Mainnet Migration, Launches $20 Million DYDX Token Incentive

The dYdX Chain shifts to full trading operations with a $20 million incentive program, following a community-driven governance vote.
dYdX Chain Successfully Completes Mainnet Migration, Launches $20 Million DYDX Token Incentive
Image created with help of DALL-E

dYdX Chain, the decentralized trading platform, has marked a significant evolution from its initial Beta Stage to full-scale trading operations as of November 28. This transition reflects the platform's commitment to decentralized governance and was set in motion by a recent governance vote within the dYdX community. Now, major trading pairs like BTC-USD, ETH-USD, SOL-USD, and LINK-USD are fully operational on the platform.

Detailed in a governance forum post by dYdX, this advancement is part of the dYdX Chain's strategic shift that began with the mainnet launch in October. The Beta Stage, commencing on November 13, functioned as a crucial testing phase to ensure flawless trading operations, with fees directed to validators and stakers but without any trading rewards. The successful completion of this phase led to the current transition to Full Trading.

The community’s decision entails allocating 54 million DYDX tokens to the Rewards Treasury Vester, which will fund the trading rewards. This allocation starts with a .33 multiplier, gradually increasing to .66 and .90 over the coming months, in sync with the phase-out of rewards on Ethereum as per DIP 29. This strategy aims to boost the migration of users and assets to the dYdX Chain.

Additionally, the Community Treasury Vester received over 170 million DYDX, reflecting the remaining funds from Ethereum treasuries.

With its shift to a dedicated base layer, the dYdX Chain is focusing its incentives on leveraging its own infrastructure. The community's response to moving from Ethereum's established security to this novel blockchain is yet to be fully observed.

The governance vote also greenlights the initiation of a 6-month Launch Incentive Program, conceptualized by Chaos Labs. This program, subject to further on-chain votes for each incentive distribution, is crafted to stimulate growth and trading volume on the dYdX Chain.

The launch of the dYdX Chain trading rewards program is noteworthy for its immediate distribution of DYDX tokens post-trade, thereby directly linking incentives with trading volume. The $20 million DYDX token allocation in the incentive program is designed to both engage and reward the community for their active participation and trading on the platform.

The dYdX Chain emphasizes the ongoing importance of platform stability and security, recognizing these factors as fundamental to maintaining user trust and the seamless execution of trading activities. The focus on staking DYDX tokens with validators enhances the platform's security and furthers the decentralization of its staker base, contributing to the chain's robustness.

The dYdX Chain is planning to expand its market offerings and will continue providing regular updates to its community, maintaining a strong emphasis on transparency.

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