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The dYdX Foundation, the non-profit entity managing the decentralized cryptocurrency exchange dYdX, has published its semi-annual report, highlighting the remarkable growth and accomplishments of the ecosystem in 2023.
The foundation emphasized its crucial role in fostering the development of the dYdX protocol and cultivating a robust community ahead of the launch of the v4 open-source software referred to as the dYdX Chain in their comprehensive report.
The report pointed out the challenges posed by regulatory hurdles, corporate failures, and the repercussions stemming from the bankruptcy of the FTX bitcoin exchange. These incidents underscored the significance of decentralized finance (DeFi), with a renewed focus on self-custody, transparency, and the removal of intermediaries.
Since January 2022, when dYdX announced its goal to transition to a fully decentralized platform, the exchange has consistently updated its progress, achieving four out of five essential milestones. Importantly, they have successfully established a public testnet featuring over 57 validators, a rapid block time of approximately 1.8 seconds, and 2.9 million completed transactions.
The foundation recently disclosed plans to transition the protocol’s native currency, DYDX, from Ethereum to the upcoming dYdX Chain. Following this announcement, a community member initiated a snapshot vote to transfer DYDX to the new chain and implement the dYdX v4 open-source software as the protocol’s next phase. The community unanimously endorsed this initiative.
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The highly anticipated mainnet launch of the dYdX Chain is set for the end of September, with the proof-of-stake blockchain expected to be fully functional on the Cosmos network.
The organization has established a Decentralized Autonomous Organisation (DAO) as part of dYdX’s vision for decentralized governance. This DAO has recorded 14 proposals, with active participation from 458 unique addresses and an average of 42.6 million DYDX tokens. Notably, each vote utilized an average of 4.3% of the total supply.
A striking statistic indicates that over 46,000 unique addresses currently hold DYDX tokens, with more than 70,000 individuals receiving these tokens as rewards. Trading activity on the dYdX v3 protocol has been exceptional, with trading volume surpassing $230 billion and daily trading volume exceeding $1 billion. The v3 platform achieved a significant milestone by exceeding $1 trillion in cumulative trading volume.
In spite of challenging macroeconomic conditions, the dYdX Foundation has shown resilience and growth by expanding its team with key professionals. The team now comprises 13 full-time employees, six contractors, a new head of marketing and communications, and an operations associate.
As the mainnet launch of the dYdX Chain draws near, the crypto community looks forward to the promising future of this emerging DeFi ecosystem built on the principles of decentralization and transparency.
The post dYdX Foundation Reveals Impressive Growth and Milestones in 2023 appeared first on BitcoinWorld.
