Revolutionizing Decentralized Trading: dYdX Chain Launches Beta Stage with Live Trading

Key takeaways

• dYdX Chain entered its Beta stage, allowing live trading on a layer 2 protocol.
• dYdX community recently voted to activate the Beta stage.
• In next phase, it will introduce rewards for users, subject to a governance vote.

dYdX is a non-custodial decentralized cryptocurrency exchange that allows users to trade perpetual contracts on a layer-2 protocol. The exchange aims to provide a powerful and open trading platform that is backed by some of the leading investors in the crypto space. dYdX recently introduced its own governance token DYDX that enables the community to participate in the decision-making process of the protocol.

How to Buy dYdX

dYdX community votes to activate Beta Stage

The dYdX community just concluded a vote that supports the starting of the dYdX Chain Beta stage. This means that trading functionality is active for the first time on the newly launched chain and that validators are accumulating trading fees. The vote was announced on the official dYdX Twitter/X account.

The Beta period for the dYdX Chain run by the dydx_ops_subdao is here! ??

Traders can now start trading on the dYdX Chain in a limited capacity.

Try it out: https://t.co/v3TXeNvCwf https://t.co/dpid8Ky1nf

— dYdX (@dYdX) November 13, 2023

The Beta Stage is the critical testing phase for active trading environments. It includes the following features:

• Trading functionality for 33+ markets on dydx.trade
• Trading fees that accrue to validators and stakers
• Markets transition from post-only to active
• Up to 20x leverage

Users are advised to be cautious and monitor the dYdX Chain before trading significant size, as the protocol software is still undergoing rigorous testing.

DYDX token price prediction

dYdX Chain prepares for next evolution in trading full trading with rewards

The Beta Stage is not the final stage of the dYdX Chain launch. The next stage, Full Trading, will introduce trading rewards for users who trade on the platform. The progression from Beta to Full Trading will be determined by a governance vote, among other factors.

To ensure the stability and security of the dYdX Chain, DYDX token holders are encouraged to stake their tokens with validators, who are responsible for securing and operating the network. Staking directly contributes to the robustness of the dYdX Chain and allows stakers to earn a share of the trading fees. DYDX token holders can learn how to bridge and stake their tokens by following the dYdX Foundation guides.

The dYdX Foundation is committed to ensuring transparency and will provide timely updates to the dYdX community. The foundation will publish frequent updates including statistics regarding total DYDX bridged and staked, validator metrics, and trading data. The foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.

Wrapping up

The launch of the dYdX Chain’s Beta stage marks a significant milestone for the decentralized cryptocurrency exchange. With trading functionality now active for the first time on the layer 2 protocol, the community’s vote underscores the commitment to open and transparent decision-making in the protocol’s governance.

Last but not least, the dYdX Chain prepares for the Full Trading stage, where users participating in trading will be eligible for rewards. If you hold DYDX tokens, you can help the dYdX Chain by staking them with validators, that run the network. This way, you can also earn a share of trading fees.. The dYdX Foundation will keep you updated on everything that happens on the dYdX Chain. The dYdX Foundation PROMISES to provide regular updates on DYDX bridged and staked, validator metrics, and trading data as the ecosystem continues to grow.