dYdX advances out of beta and into full trading

The dYdX community recently supported a motion to advance trading on the dYDX chain (DYDX) from the beta stage to Full Trading. 

In particular, the latest development was preceded by a lengthy preparatory phase that previously saw trading advance from the Alpha to the Beta phase, according to information shared with Finbold by the Operation subDAO on November 28. 

Following the launch of Full Trading, validators and stakers will continue accumulating rewards. During the Beta phase, the platform recorded approximately $1.86 million in trading volume.

The launch is also to be accompanied by a 6-month incentive program designed by Chaos Labs that will enable active traders to receive rewards for performing various activities on the dYdX chain and will distribute a total of $20 million worth of rewards.

It is noteworthy, however, that the distribution of rewards as part of the incentive program is still subject to community vote, per the information shared with Finbold.

One-way bridge from ETH to DYDX

The launch of full trading will also be accompanied by a migration from the Ethereum (ETH) chain to dYdX. This will be accomplished using a permissionless and autonomous one-way bridge –  the wethDYDX Smart Contract. 

The move will permanently lock the users’ ethDYDX tokens in exchange for wethDYDX on Ethereum and DYDX, the L1 token that powers the dYdX Chain. The dYdX foundation officially announced its pivot from Ethereum in late October when it announced its support for the native layer-1 dYdX Chain 

Shortly after its launch, the DYDX token surged to a value of more than $26 before plummeting. The token has since stabilized and spent most of 2023 in the range between $1.50 and $3. Its price stands at $3.19 at the time of publication.

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