According to Decrypt, dYdX has launched its highly anticipated blockchain, introducing a unique tokenomics scheme. The most significant change is that trading fees on the decentralized derivatives platform will now be denominated in the dollar-pegged stablecoin USD Coin (USDC). Maintained and minted by Circle, USDC is a cryptocurrency that tracks the price of the U.S. dollar and claims that every token is backed by a dollar equivalent in various assets, including corporate bonds and Treasuries.
The dYdX Foundation also revealed the new role that the project's native governance token DYDX will play. As a Cosmos-based proof-of-stake blockchain optimized for fast trading and low fees, the exchange's governance token can now be used for staking purposes. Token holders can become validators of the DYDX chain by staking tokens themselves and securing the network, or they can delegate their holdings to other validators. Additionally, all fees generated from trading on the platform will be distributed to validators and stakers. According to data from Token Terminal, dYdX has already earned more than $5.6 million from fees.
