DYDX holders have voted to make the token the native asset for the brand new soon-to-be-launched dYdX Chain because the decentralized change (DEX) gears as much as migrate from Ethereum (ETH) to its personal community.
In response to snapshot information, the proposal, which was launched by crypto market maker Wintermute, concluded just about 100% in favor of ‘Sure’ to make DYDX the native token for the brand new chain.
In response to 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 stated that after analysis, Cosmos was the one chain that might provide full customizability for constructing chains in accordance with exact wants.
“A serious good thing about Cosmos is that the chain could be developed to swimsuit the precise wants of the dYdX community. One utility of that is merchants wouldn’t pay fuel charges to commerce, however slightly pay charges based mostly on trades executed just like dYdX v3 and centralized exchanges. These charges could be accrued to validators and their stakers.”
At time of writing, the second model of the dYdX Chain public testnet is live and running.
DYDX is at the moment buying and selling for $2.05.
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