DYDX has entered full trading after completing beta
A motion to move dYDX chain (DYDX) trading from beta to full trading was recently endorsed by the dYdX community.
Operation subDAO information given with Finbold on November 28 indicates that the most recent development followed a long planning period in which trade progressed from the Alpha to the Beta phase.
After Full Trading is live, validators and stakers may keep earning rewards. The platform’s trading volume during the Beta period was at $1.86 million.
Chaos Labs has also planned a 6-month incentive campaign to coincide with the launch; this program will provide a total of $20 million in incentives to active traders for doing certain things on the dYdX chain.
It is worth mentioning that according to the material given with Finbold, the community is still asked to vote on how the incentives would be distributed.
Concurrent with the full trading debut, the Ethereum (ETH) chain will be replaced by dYdX. The wethDYDX Smart Contract, an autonomous one-way bridge that does not need authorization, will be used to do this.
This update will prevent users from ever being able to trade their ethDYDX tokens for any other Ethereum token or the L1 token that runs the dYdX Chain—DYDX. Not long after announcing support for the native layer-1 dYdX Chain, the dYdX foundation formally declared its departure from Ethereum.
Within minutes after becoming live, the DYDX token’s value skyrocketed to almost $26 before crashing. As of now, the token’s value has leveled off, and it will spend the most of 2023 fluctuating between $1.50 and $3. As this article goes live, the price was $3.19.