The dYdX community has voted to stake 20 million DYDX tokens, worth over $61 million, to bolster security amid a surge in activity on the decentralized crypto exchange. The move comes as the rate of DYDX staking has plateaued while deposits continue to grow rapidly. Staking, which involves locking cryptocurrency to support a blockchain network's operations, will help protect the network from potential control attacks. The staked tokens will be managed by liquid staking protocol Stride, with a 7.5% fee on the staked position. Staking rewards on dYdX are generated from trading fees and paid in the stablecoin USD Coin (USDC).
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DYDX
2.3395
+21.89%
899
0
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