The dYdX Foundation has released its highly anticipated semi-annual report for 2023, highlighting the significant growth within its ecosystem. The report showcases the foundation’s continued progress and achievements, providing valuable insights for investors and stakeholders. Discover how the dYdX Foundation’s ecosystem has thrived and evolved, making it an exciting prospect for those involved in decentralized finance (DeFi) and cryptocurrency. Stay up-to-date with the latest developments and opportunities in the dYdX ecosystem by reading the comprehensive report now.
dYdX Foundation: Ecosystem Growth and Milestones
The dYdX Foundation, a non-profit organization responsible for the decentralized crypto exchange dYdX, has recently published its semi-annual report highlighting the growth and achievements of its ecosystem in 2023.
The foundation’s primary focus has been on developing the dYdX protocol and expanding its community in preparation for the launch of the v4 open-source software, known as the dYdX Chain.
2023 Progress and Challenges
The report acknowledges the regulatory obstacles faced by the crypto industry, as well as corporate failures and the aftermath of the FTX exchange’s bankruptcy. These events have underscored the significance of decentralized finance, emphasizing its core principles of self-custody, transparency, and eliminating intermediaries.
dYdX has made significant strides towards becoming a fully decentralized protocol since announcing its intentions in January 2022. The exchange has achieved four out of five milestones and successfully launched a public testnet, which currently boasts over 57 validators, a block time of approximately 1.8 seconds, and has facilitated over 2.9 million transactions.
In a recent announcement, the foundation revealed plans to migrate its native token, DYDX, from Ethereum to the upcoming dYdX Chain. Following the announcement, the community conducted a snapshot vote in favor of migration and adoption of the dYdX v4 open-source software as the next iteration of the protocol.
The highly-anticipated launch of the dYdX Chain is scheduled for the end of September, with the proof-of-stake blockchain running entirely on Cosmos.
Promoting Decentralized Governance
dYdX’s commitment to decentralized governance is exemplified by the establishment of a Decentralized Autonomous Organization (DAO). The DAO has received 14 proposals, with 458 unique addresses participating in the voting process, collectively holding an average of 42.6 million DYDX tokens. On average, approximately 4.3% of the total token supply is utilized in each vote.
Notably, there are over 46,000 unique addresses holding DYDX tokens, with more than 70,000 individuals receiving the token as rewards. The trading volume for the v3 protocol has surpassed $230 billion, with a daily volume of $1 billion. Additionally, the v3 platform has achieved an impressive milestone, exceeding $1 trillion in cumulative trading volume.
Despite challenging macroeconomic conditions, the dYdX Foundation is expanding its team and has recruited key positions. Currently, the team comprises 13 full-time contributors, six contractors, a new marketing and communications lead, and an operations associate.
Growing the dYdX Ecosystem: Achievements and Vision
The dYdX Foundation has showcased its commitment to advancing the decentralized crypto exchange with the release of its semi-annual report detailing the growth and milestones achieved in 2023.
Emphasizing the significance of decentralized finance, the report highlights the challenges faced by the crypto industry, corporate failures, and the impact of the FTX exchange’s bankruptcy. These events have solidified the importance of self-custody, transparency, and removing intermediaries.
dYdX has made substantial progress towards its goal of becoming a fully decentralized protocol. Through the announcement of four milestones and the successful launch of a public testnet, which has facilitated over 2.9 million transactions, the exchange has garnered significant attention in the crypto space.
Recently, the foundation disclosed plans to migrate its native token, DYDX, from Ethereum to the dYdX Chain. This shift was approved by the community through a snapshot vote, with overwhelming support received for the adoption of the dYdX v4 open-source software as the next version of the protocol.
The highly-anticipated mainnet launch of the dYdX Chain is set for the end of September. This launch will mark a pivotal moment as the proof-of-stake blockchain will run exclusively on Cosmos.
Achieving Decentralized Governance
dYdX’s commitment to decentralized governance is evident through the establishment of a Decentralized Autonomous Organization (DAO). With 14 proposals registered and 458 unique addresses participating in the voting process, the DAO has garnered significant community engagement.
Notably, DYDX tokens have seen widespread adoption, with over 46,000 unique addresses holding the tokens and over 70,000 individuals receiving them as rewards. The trading volume for the dYdX v3 protocol has surpassed $230 billion, with a daily volume of $1 billion. Moreover, the v3 platform recently achieved an incredible milestone, surpassing $1 trillion in cumulative trading volume.
Despite challenging macroeconomic conditions, the dYdX Foundation has expanded its team, reinforcing its commitment to growth. With key positions filled and a focus on marketing and communications, the foundation is well-positioned for continued success.