- dYdX Chain has completed its migration to mainnet, exiting the beta testing period and activating full trading on major markets like BTC-USD and ETH-USD.
- The platform is rolling out $20 million in DYDX token rewards to incentivize trading volume and user growth, with rewards starting at 33% and increasing over time.
- dYdX Chain says it will continue prioritizing platform stability and security while expanding markets and providing transparency through community updates.
Major markets such as BTC-USD, ETH-USD, SOL-USD, and LINK-USD are now available for full-production trading on dYdX Chain. This furthers the ongoing migration that commenced with the mainnet launch in October.
According to the governance forum post, the dYdX Chain Beta Stage served as a testing period to ensure smooth trading functionality. With stability demonstrated, this latest vote transitions the network to Full Trading.
Trading Rewards and Incentives
The approved changes will credit 54 million DYDX tokens to the Rewards Treasury Vester to fund trading rewards. This sets the initial rewards multiplier to 33% before ramping up to 66% and 90% over subsequent months, aligning with the winding down of rewards on Ethereum.
The vote also approves starting a 6-month Launch Incentive Program designed to motivate volume and user growth on dYdX Chain. The rewards program will distribute 20 million DYDX tokens as incentives directly following each successful trade.
Ongoing Development
The dYdX Chain mentions it continues to prioritize the stability and security of its platform. These elements are crucial for maintaining trust and ensuring the smooth operation of trading activities.
According to the release, dYdX Chain has plans to add more markets and provide regular updates to its community with a commitment to transparency.
Conclusion
The decentralized derivatives leader completes its pivot to its own base layer. The community is aligning incentives around using the dedicated dYdX Chain. However, it remains to be seen how quickly activities, users and markets will migrate from Ethereum to this new blockchain.
