The foundation fostered the development of the dYdX protocol and grew the dYdX community in preparation for the release of the dYdX Chain.
, a block time of roughly 1.8 seconds, and has facilitated more than 2.9 million transactions.
Last month, the foundation disclosed the potential migration of the protocol’s native token, DYDX, from Ethereum to the about-to-be-launched dYdX Chain. After the announcement, a community member launched a snapshot vote to migrate DYDX to the new chain and adopt the dYdX v4 open-source software as the next version of the dYdX protocol. The community passed the vote with near unanimous support.
The mainnet launch of the dYdX Chain has been scheduled for the end of September. By the set timeline, the proof-of-stake blockchain will entirely run on Cosmos.In line with dYdX’s vision for decentralized governance, the entity has launched a Decentralized Autonomous Organization . The DAO has registered 14 proposals, which witnessed a vote participation of 458 unique addresses and an average of 42.6 million DYDX. The average amount of tokens used in each vote was approximately 4.
Interestingly, over 46,000 unique addresses are holding DYDX, and more than 70,000 received the token from rewards. The trading volume for the dYdX v3 protocol has surpassed $230 billion, with a daily volume of $1 billion. The v3 platform recently exceeded $1 trillion in cumulative trading volume.expanded its team and recruited key roles. The team now includes 13 full-time contributors, six contractors, a new marketing and communications lead, and an operations associate.
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