Decentralized exchange (DEX) dYdX goes live with its new native blockchain with a hefty rewards program for its users.
Built using the Tendermint consensus with the Cosmos SDK, dYdX Chain is a standalone chain for the DEX, which previously ran on Ethereum (ETH).
The launch or dYdX also features a six-month incentive program, launched by crypto firm Chaos Labs, that allows traders to receive rewards based on their activities on the new chain. A total of $20 million in rewards will be given out.
According to Chaos Labsthe rewards program is driven by objectives to “align with the strategic goals of the community.”
“Bootstrap Trading Activity: Focus on rapidly increasing trading volumes and liquidity, attracting novice and experienced traders to make dYdX Chain their trading platform of choice.
Bootstrap Liquidity: Encouraging MMs (market makers) to prioritize the dYdX chain, improving the trading experience through tighter spreads and larger trade sizes. This will limit risk by stabilizing markets, keeping financing rates low and facilitating efficient liquidations.
Bootstrap Staked DYDX: Securing the dYdX chain is essential, with trading activity directly impacting staking APYs and attracting more shares. Although this target currently has a weight of 0% in direct incentives, adjustments may be considered at a later stage…’
There are currently 54 million DYDX tokens assigned to the project’s Rewards Vester account, and more than 172 million tokens in the Community treasury address.
At the time of writing, the dYdX DEX offers Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Chainlink (LINK) markets, and newer markets are scheduled to be added to the frontend continuously over the coming weeks. announcement.
DYDX is trading at $3.27 at the time of writing.
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Featured image: Shutterstock/Yurchanka Siarhei