DYDX Token Slated To Be Native Asset for New Standalone Blockchain After Unanimous Vote

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DYDX holders have voted to make the token the native asset for the brand new soon-to-be-launched dYdX Chain because the decentralized alternate (DEX) gears as much as migrate from Ethereum (ETH) to its personal community.

Based on snapshot knowledge, the proposal, which was launched by crypto market maker Wintermute, concluded nearly 100% in favor of ‘Sure’ to make DYDX the native token for the brand new chain.

Based on dYdX, the brand new chain was developed as a standalone blockchain based mostly on the Cosmos SDK and Tendermint consensus protocol.

In an announcement, dYdX mentioned that after analysis, Cosmos was the one chain that might provide full customizability for constructing chains based on exact wants.

“A significant good thing about Cosmos is that the chain will be developed to swimsuit the precise wants of the dYdX community. One utility of that is merchants wouldn’t pay gasoline charges to commerce, however relatively pay charges based mostly on trades executed much like dYdX v3 and centralized exchanges. These charges can be accrued to validators and their stakers.”

At time of writing, the second model of the dYdX Chain public testnet is reside and working.

DYDX is at present buying and selling for $2.05.

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