{"id":65748,"date":"2023-11-28T16:58:55","date_gmt":"2023-11-28T20:58:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65748"},"modified":"2023-11-28T16:58:57","modified_gmt":"2023-11-28T20:58:57","slug":"dydx-chain-launches-trading-rewards-on-cosmos-layer-1","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/dydx-chain-launches-trading-rewards-on-cosmos-layer-1\/","title":{"rendered":"dYdX Chain Launches Trading Rewards on Cosmos Layer 1"},"content":{"rendered":"\n

dYdX Chain, the leading decentralized derivatives trading protocol, has recently taken a significant step forward by launching trading rewards for validators and stakers. This development comes after the full trading launch of the protocol on its Cosmos-based Layer 1 platform.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Introducing these rewards marks a new chapter\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in the platform\u2019s evolution, especially following a decisive governance vote that motioned this change. <\/p>\n\n\n\n

A noteworthy shift occurred with the launch of dYdX version 4\u2019s<\/a> alpha mainnet on October 26, marking the platform\u2019s move to a standalone Layer 1 on Cosmos. <\/p>\n\n\n\n

This transition from Ethereum\u2019s Layer 2 scaling solution StarkEx in version 3 represents a central strategic pivot. <\/p>\n\n\n\n

The migration process <\/use><\/svg><\/span><\/a>for users from Ethereum involves the wethDYDX smart contract, facilitating the exchange of ethDYDX<\/use><\/svg><\/span><\/a> tokens for wethDYDX on Ethereum and DYDX, the native token on the dYdX Chain. <\/p>\n\n\n\n

Over 437 million ethDYDX tokens<\/strong> are significantly bridged, and about 16.45 million DYDX<\/strong> are staked on the dYdX Chain.<\/p>\n\n\n\n

The dYdX Chain, now operating on the Cosmos-based Layer 1 platform, has facilitated active trading across over 33 markets, <\/strong>offering up to 20x leverage. <\/p>\n\n\n\n

Although staking rewards were available during this beta phase, trading rewards remained pending. However, validators and stakers have accumulated 100% of the protocol\u2019s trading fees. <\/p>\n\n\n\n

With the governance vote\u2019s conclusion, trading rewards are now fully operational. Additionally, stakers will continue receiving rewards in both USDC and DYDX. <\/p>\n\n\n\n

The protocol has witnessed substantial activity in just two weeks since the beta launch. This includes more than $1.86 million in total trades across approximately 14,000 transactions, a testament to the platform\u2019s growing popularity and robust infrastructure managed by the dYdX Operations subDAO. <\/p>\n\n\n\n

Initially, the full trading feature is available in four markets, including BTC\/USD, ETH\/USD, SOL\/USD, and LINK\/USD, with plans to expand to more markets shortly.<\/p>\n\n\n\n

dYdX Chain: A New Era in Decentralized Derivatives Trading<\/h3>\n\n\n\n

A new incentive program, proposed by Chaos Labs and approved by the dYdX community, earmarks $20 million in DYDX tokens for early adopters of the dYdX Chain. <\/p>\n\n\n\n

This six-month program aims to boost adoption and trading volume while implementing safeguards against abusive practices like wash trading. The distribution of these rewards will undergo community approval, ensuring a balanced and fair approach.<\/p>\n\n\n\n

The trading protocol is a groundbreaking innovation in the decentralized derivatives trading space, offering a fully decentralized, off-chain order book and matching engine capable of scaling to orders of magnitude more throughput than any blockchain can support. <\/p>\n\n\n\n

The dYdX Chain also leverages the interoperability and customizability of Cosmos, enabling cross-chain communication and governance. The dYdX Chain is poised to become a leading platform for advanced trading, empowering users with low fees, deep liquidity, and high leverage.<\/p>\n","protected":false},"excerpt":{"rendered":"

dYdX Chain, the leading decentralized derivatives trading protocol, has recently taken a significant step forward by launching trading rewards for validators and stakers. This development comes after the full trading launch of the protocol on its Cosmos-based Layer 1 platform. Introducing these rewards marks a new chapter in the platform\u2019s evolution, especially following a decisive […]<\/p>\n","protected":false},"author":44,"featured_media":65754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[202,17389,4660,17390],"class_list":["post-65748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-blockchain","tag-cosmos-layer-1","tag-dydx","tag-trading-rewards"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/dydx-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65748"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/65754"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}