dYdX Chain Launches with $20M Rewards
The decentralized exchange platform dYdX has embarked on an exciting phase by rolling out its own custom blockchain, signaling a shift from its prior reliance on Ethereum.
This novel blockchain, dubbed dYdX Chain, employs the Tendermint consensus alongside the Cosmos SDK, marking a significant leap for the platform’s operational independence.
One of the standout features of this launch is the implementation of a lucrative rewards program, spearheaded by crypto firm Chaos Labs. This program, spanning six months, is poised to dole out rewards valued at a staggering $20 million. Traders engaging with the new chain will have the opportunity to earn rewards based on their active participation.
Chaos Labs underscores that this initiative aligns with the strategic vision of the community at large.
Outlined within the program are key objectives. Firstly, to drive an exponential surge in trading volumes and liquidity, enticing both novice and seasoned traders to embrace dYdX Chain as their go-to trading platform. Secondly, the initiative aims to galvanize market makers (MMs) to prioritize dYdX Chain, thereby enhancing the trading experience through tighter spreads and larger trade sizes.
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This strategic move is geared towards stabilizing markets, maintaining low funding rates, and streamlining efficient liquidations. Thirdly, ensuring the security of the dYdX chain by incentivizing staking activity, thereby influencing staking APYs and attracting more stakes.
Presently, the project boasts an allocation of 54 million DYDX tokens within its Rewards Vester account, while the Community Treasury address holds over 172 million tokens.
At the time of reporting, dYdX DEX facilitates markets for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Chainlink (LINK). The platform plans to continually introduce new markets on its interface in the forthcoming weeks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
