The dYdX platform, renowned for its outstanding focus on decentralized derivatives, has taken a significant step with its move towards full trading on its own chain, dYDX.
This change is the result of community support to move from the beta phase to what is known as Full Trading.
1/ Trading and Launch Rewards are live on dYdX Chain! ✨
Traders can now earn rewards when they use dYdX Chain available via the @dydx_ops_subdao!
— dYdX (@dYdX) November 28, 2023
The dYdX development process has been gradual and meticulous, previously going through the Alpha and Beta phases, with the ultimate goal of carrying out full commercial operations on its platform.
During the beta phase, a notable trading volume of around $1.86 million was recorded, marking a promising start to activity on the platform.
The highlight of this advancement is the implementation of a six-month incentive program, designed by Chaos Labs, that aims to reward active traders.
THE PROGRAM WILL DISTRIBUTE A TOTAL OF $20 MILLION IN REWARDS TO PARTICIPANTS OF THE DYDX CHAIN
However, it is important to mention that the distribution of these rewards is still subject to community approval, emphasizing dYdX’s democratic approach to its key decisions.
Furthermore, this shift towards full trading is accompanied by a strategic migration from the Ethereum chain to dYdX.
This transition will take place through a one-way bridge, the wethDYDX smart contract, allowing users to exchange their ethDYDX tokens for wethDYDX on Ethereum and the L1 token, DYDX, which is the engine behind the dYdX chain.
This decision to migrate to its own native chain, leaving behind its dependence on Ethereum, has been a bold and strategic step for the dYdX foundation.
The DYDX token experienced significant fluctuations in its initial value, but has also shown stability in recent times, staying in a range between $1.50 and $3 for most of the year.
At the time of writing, DyDx stands at $3.25 with a positive change of 1.71% in the last day, and an advance of 7% in the last week, according to recent data from CoinMarketCap.
The market capitalization reaches $596,627,384, ranking #77 in the cryptocurrency ranking.
The move towards Full Trading and migration to its native chain marks a milestone for dYdX, reflecting its determination to reward and enhance the activity of active participants in its ecosystem.