DYDX holders have voted to make the token the original asset for the new, soon-to-launch dYdX chain, as the decentralized exchange (DEX) gears up to migrate from Ethereum (ETH) to its own network.
According to snapshot dataThe proposal, launched by crypto market maker Wintermute, concluded almost 100% in favor of ‘Yes’ to make DYDX the native token for the new chain.
According to dYdX, the new chain has been developed as a standalone blockchain based on the Cosmos SDK and Tendermint consensus protocol.
In a announcementdYdX said that after research, Cosmos was the only chain that could offer full customizability for building chains according to precise needs.
“A major advantage of Cosmos is that the chain can be developed to exactly meet the needs of the dYdX network. One application of this is that traders do not pay gas fees to trade, but rather pay fees based on trades executed in a similar way to dYdX v3 and centralized exchanges. These fees would benefit validators and their strikers.”
At the time of writing, the second version of the dYdX Chain public testnet is available live and run.
DYDX is currently trading at $2.05.
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Featured image: Shutterstock/Natalia Siiatovskaia/KDdesignphoto
