🚀 DYDX, the native token of the dYdX Chain, has rapidly evolved from a governance-only asset to a multifaceted powerhouse within six months of its launch.
📅 A Timeline of DYDX’s Launch:
- Launched in October 2023 alongside the dYdX Chain, following the launch of ethDYDX in August 2021.
- In September 2023, the dYdX community voted to adopt DYDX as the native token, with most ethDYDX tokens migrated to DYDX.
💼 Staking DYDX:
- dYdX Chain features a staking reward mechanism distributing 100% of protocol fees predominantly in Circle (USDC) to stakers.
- Over 18,900 DYDX stakers receive rewards, with $20 million disbursed so far.
- Approximately 149 million DYDX tokens are staked to active set validators, offering an annual percentage yield of 18%.
🔍 The Journey So Far:
- A recent community-approved proposal to liquid-stake 20 million DYDX aims to enhance network security and decentralize validator operations.
- The dYdX Chain boasts over $120 billion in cumulative trading volume and increasing staked assets.
- Community engagement is evident with 55 governance proposals initiated, showcasing active participation in decision-making.
💰 DYDX Token Details:
- Total supply: 1 billion tokens
- Circulating supply: 501 million DYDX
- Five-year token distribution schedule in place.
📈 With its rapid evolution and active community engagement, DYDX demonstrates promising potential within the dYdX ecosystem.
