dYdX Chain reveals its native DYDX token as the mainnet goes live

On October 26, the dYdX Foundation officially pivoted from running an Ethereum layer-2 blockchain to supporting the layer-1 dYdX Chain (DYDX). This move can create more demand for its native token DYDX, which validators are staking to secure the network, and users are spending for the gas fees.

Timeline of Dydx

In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama.

Antonio Juliano, founder of dYdX, predicts DeFi derivatives will grow 100x in the next few years, accounting for 2% of crypto derivative volume. This optimistic projection highlights the potential for investors and traders.

In a recent development, the dYdX community has been shaken by the emergence of a suspicious Snapshot, which appears to have been created with malicious intent. The Snapshot in question was designed to "skip testnet round 3 and go live with BETA v4.

The dYdX Foundation, the non-profit organization overseeing the decentralized cryptocurrency exchange dYdX, has released its semi-annual report, which details the ecosystem's incredible growth and achievements in 2023.

The decentralized financial world thrives on transparency, adaptability, and the fearless challenge of established norms. And guess who's been at the epicenter of this financial maelstrom in 2023?

DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency's price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August.

The founder of dYdZX argued that early-stage crypto projects can scale faster by ignoring U.S. customers, as they won't have to deal with the hassles of the U.S. regulatory climate.

Market intelligence platform IntoTheBlock has conducted a comprehensive analysis, shedding light on current trends and token performances. The 7-day average transaction analysis has unveiled intriguing insights, showcasing the dominance of Uniswap in the DeFi space.

In a bold stance against the nefarious practice of Maximal Extractable Value (MEV), the pioneering decentralized perpetual exchange, dYdX, is stepping up its game as it prepares to migrate to a Cosmos-based appchain. On August 21st, the dYdX Foundation unveiled a comprehensive list of preferred practices tailored for dYdX Chain validators and stakers.

The dYdX foundation, the non-profit organization behind the dYdX decentralized exchange, has published a list of guidelines and requirements that validators and stakers must comply with. According to dYdX, these guidelines have been issued to ensure maximum user protection.