The community of decentralized derivatives exchange dYdX has voted to stake 20 million dYdX Chain tokens, worth about $60 million at current prices, with
Cosmos staking provider Stride in order to boost the economic security of the network and encourage stake diversity among its community.
The staked tokens will earn USDC rewards, which will be automatically compounded into more dYdX tokens, creating a flywheel effect for stakers. "The yield from fees generated will be continuously used via Stride to buy DYDX which will be returned back to the treasury," explained dYdX founder Antonio Juliano, in a post on X.
In a vote with 81% participation, the measure passed with 91% support, though some dissenters on the original proposal noted that the proposal's passage could lead to a reduction in dYdX's APY, making the token less attractive to new investors. Stride welcomed the proposal and offered to charge fees of only 7.5%, a 2.5% discount from its usual fees of 10%. "This will boost the economic security of dYdX chain, while improving stake decentralization," the firm wrote on X. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.
Defi Breaking Derivatives Dydx Dydx Chain Stride
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