Zug, Switzerland, July 11th, 2024, Chainwire
The dYdX Foundation A component of the dYdX ecosystem has recently issued its 2024 Semi-Annual Ecosystem Report, emphasizing the impressive momentum achieved by both the project and its community during the first half of the year, cementing its status as a key contender in the decentralized finance sector.
The 2024 Semi-Annual Ecosystem Report offers a detailed overview of the current state of the dYdX ecosystem at this midway point in the year, reflecting the dYdX Foundation’s strong dedication to transparency and community involvement. It summarizes the significant achievements, product advancements, innovative developments, partnerships, and overall momentum that have driven dYdX to remarkable heights.
As the new year began, the dYdX ecosystem was already soaring high, celebrating a pivotal achievement in October 2023 when it transitioned from Ethereum to its proprietary blockchain built on the CosmosSDK framework. With the activation of the dYdX Chain, expectations ran high, and the foundation was pleased to see rapid accomplishments unfold. launch of its dedicated dYdX Chain Prominent centralized exchanges (CEX) and custody platforms, including Binance, Anchorage, Coinbase, OKX, Crypto.com, Cryptocurrencylistings.com, and KuCoin, were some of the earliest to integrate with dYdX Chain. This integration allowed users to deposit, stake, and withdraw their DYDX tokens, leading to impressive growth as the dYdX Chain facilitated over $166 billion in trading volume during the first six months of the year, peaking at a daily volume of $2.6 billion and exceeding $129.9 million in open interest. Trading activity on dYdX surged significantly as this new network amassed a stunning $135 million in total value locked.
Some of the other notable achievements included the rollout of dYdX’s mobile applications for both Android and iOS, alongside the introduction of 40 fresh markets on the platform, and the opportunity for users to freely list and trade various new derivative markets on the dYdX exchange.
This impressive progress owes much to the unwavering support of the dYdX community, which has staked over 210 million DYDX tokens, with 20 million staked by the Community Treasury. These contributors have reaped substantial rewards, with more than $32 million USDC allocated in staking bonuses this year alone. The protocol has also distributed in excess of $12 million worth of DYDX as trading rewards, alongside an additional $20 million in DYDX through its launch incentives program.
The report sheds light on the status of DYDX’s tokenomics, indicating that 77% of the total circulating supply of DYDX has transitioned to the dYdX Chain, which now comprises 606 million tokens, constituting 70% of the total supply. Out of this, 78 million tokens are currently held in the Community and Rewards Treasuries, while another 160 million tokens will be vested until June 2026.
The enthusiastic engagement of the community in the governance of dYdX is equally noteworthy. In just this year, 67 proposals have been considered, with 62 gaining community support, while only five were rejected. The highest level of participation in this governance process saw involvement from 2,251 members, achieving a validator participation rate of 77%. As of the end of the second quarter, there were still 35 proposals awaiting vote.
Moreover, the report emphasizes the commitment of the dYdX community to expanding the ecosystem, exemplified by the dYdX Grants subDAO, which awarded 47 grants totaling over $5 million USDC to various projects building on the dYdX Chain.
The dYdX Foundation itself is thriving, having secured over $30 million in funding to ensure its operations for the upcoming three years, while expanding its team to a total of 21 contributors.
“In the first half of 2024, the dYdX Chain reached a staggering trading volume of over $166 billion and awarded more than $32 million in staking rewards to the Validators and Stakers, whose essential contributions support our ecosystem. Together, we are continually advancing and setting new benchmarks for the industry,\” stated Charles d’Haussy, CEO of the dYdX Foundation.
As the dYdX Foundation reflected on their past accomplishments from the last six months, they expressed even greater enthusiasm for what the future holds as they continue to challenge the limits of decentralized finance.
You can access the complete 2024 dYdX Semi-Annual Ecosystem Report here.
The mission of the dYdX Foundation is to back both current and future implementations of the dYdX protocol, while fostering growth driven by the community within the dYdX ecosystem. here .
About dYdX Foundation
The entities, applications, and solutions mentioned in this post, including the dYdX Operations subDAO and dYdX Trading Inc., are independent of and not affiliated with the dYdX Foundation. The foundation does not assume responsibility for actions taken by any third parties, nor for content presented on any external sites, including links that are for informational purposes, like bridge.dydx.trade. Furthermore, the foundation does not endorse any of these external parties, applications, solutions, actions, or links. Please also note that the information shared here is not intended to serve as legal, tax, investment, financial, or any other form of advisory.
It’s crucial to only invest what you are willing to lose and to consult with independent financial advisors if you have any uncertainties. For more details, we recommend checking the terms and conditions as well as the help and support pages provided by the relevant issuer or advertiser. MetaversePost is dedicated to providing accurate and impartial reporting, though market conditions are subject to change without prior notice. Terms of Use .
Contact
Avishay Litani
Disclaimer
In line with the Trust Project guidelines Chainwire is a leading newswire service specializing in blockchain and cryptocurrency, dedicated to distributing press releases and maximizing the reach of crypto news.
