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The dYdX Foundation, the non-profit organization behind the decentralized cryptocurrency exchange dYdX, has released its semi-annual report, detailing the ecosystem’s growth and key milestones achieved throughout 2023.
According to the report, the foundation focused on fostering the development of the dYdX protocol and expanding the community in preparation for the release of the v4 open-source software, which will power the dYdX Chain.
The Journey So Far in 2023
The foundation noted that regulatory challenges within the crypto industry, corporate failures, and the aftermath of the FTX bankruptcy highlighted the importance of decentralized finance, particularly emphasizing self-custody, transparency, and the elimination of intermediaries.
Since announcing its plans to transition into a fully decentralized protocol in January 2022, the exchange has reported progress on four out of five milestones and launched a public testnet. This testnet currently features over 57 validators, a block time of approximately 1.8 seconds, and has facilitated more than 2.9 million transactions.
Last month, the foundation disclosed the potential migration of the protocol’s native token, DYDX, from Ethereum to the upcoming dYdX Chain. Following this announcement, a community member initiated a snapshot vote to migrate DYDX to the new chain and adopt the dYdX v4 open-source software as the next iteration of the dYdX protocol. The community approved the vote with near-unanimous support.
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The mainnet launch of the dYdX Chain is scheduled for the end of September. By that timeline, the proof-of-stake blockchain will operate entirely on the Cosmos ecosystem.
Fostering Decentralized Governance
Aligning with dYdX’s vision for decentralized governance, the foundation has established a Decentralized Autonomous Organization (DAO). The DAO has registered 14 proposals, which saw participation from 458 unique addresses and an average of 42.6 million DYDX tokens. The average amount of tokens utilized in each vote represented approximately 4.3% of the total supply.
Notably, over 46,000 unique addresses are currently holding DYDX, while more than 70,000 addresses have received the token through rewards. The trading volume for the dYdX v3 protocol has surpassed $230 billion, with a daily volume of $1 billion. Additionally, the v3 platform recently exceeded $1 trillion in cumulative trading volume.
Meanwhile, despite unfavorable macroeconomic conditions, the dYdX Foundation expanded its team by recruiting for key roles. The team now comprises 13 full-time contributors, six contractors, a new marketing and communications lead, and an operations associate.
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