Home » DYDX Token Slated To Be Native Asset for New Standalone Blockchain After Unanimous Vote

DYDX Token Slated To Be Native Asset for New Standalone Blockchain After Unanimous Vote

by CoinVeem

DYDX holders have voted to make the token the native asset for the brand new soon-to-be-launched dYdX Chain because the decentralized alternate (DEX) gears as much as migrate from Ethereum (ETH) to its personal community.

In accordance with snapshot data, the proposal, which was launched by crypto market maker Wintermute, concluded nearly 100% in favor of ‘Sure’ to make DYDX the native token for the brand new chain.

In accordance with dYdX, the brand new chain was developed as a standalone blockchain based mostly on the Cosmos SDK and Tendermint consensus protocol.

In an announcement, dYdX stated that after analysis, Cosmos was the one chain that might supply full customizability for constructing chains in response to exact wants.

“A serious advantage of Cosmos is that the chain may be developed to go well with the precise wants of the dYdX community. One utility of that is merchants wouldn’t pay fuel charges to commerce, however fairly pay charges based mostly on trades executed much like dYdX v3 and centralized exchanges. These charges can be accrued to validators and their stakers.”

At time of writing, the second model of the dYdX Chain public testnet is live and running.

DYDX is presently buying and selling for $2.05.

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Featured Picture: Shutterstock/Natalia Siiatovskaia/KDdesignphoto

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