DYDX Token Slated To Be Native Asset for New Standalone Blockchain After Unanimous Vote
DYDX holders have voted to make the token the native asset for the brand new soon-to-be-launched dYdX Chain because the decentralized change (DEX) gears as much as migrate from Ethereum (ETH) to its personal community.
In keeping 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 keeping 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 mentioned that after analysis, Cosmos was the one chain that might supply full customizability for constructing chains in accordance with exact wants.
“A serious good thing about Cosmos is that the chain may be developed to go well with the precise wants of the dYdX community. One software of that is merchants wouldn’t pay gasoline charges to commerce, however reasonably pay charges based mostly on trades executed just 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 at the moment buying and selling for $2.05.
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