According to the most recent updates provided with Finbold on July 11, the dYdX Foundation (DYDX), a decentralized finance (DeFi) protocol, has published its 2024 Semi-Annual Ecosystem Report, which showcases significant progress and user engagement in the first half of the year.
The report delineates the ecosystem’s overall progress, strategic partnerships, product innovations, and significant milestones that have driven it forward.
In October 2023, dYdX marked the launch of its own blockchain network, dYdX Chain. This helped move the platform from Ethereum (ETH) to a CosmosSDK-based blockchain network at the start of the year.
Key industry participants, including Binance, Anchorage, Coinbase, OKX, Crypto.com, Gate.io, and KuCoin, swiftly integrated with the dYdX Chain, enabling users to conduct transactions efficiently.
Subsequently, the dYdX Chain processed more than $166 billion in trading volume within the first six months, with a daily apex of $2.6 billion and $129.9 million in open interest. Additionally, the total value locked (TVL) increased to $135 million.
Additionally, the introduction of 40 new markets, the permissionless trading of new derivative markets, and the launch of dYdX’s Android and iOS mobile applications were additional significant milestones.
The dYdX community’s commitment to these advancements was demonstrated through the stake of more than 210 million DYDX tokens, with 20 million tokens coming from the Community Treasury.
Rewards for the joint commitment included $32 million USD Coin (USDC) in pledging rewards, $12 million in trading rewards, and $20 million in launch incentives.
The report also explores the DYDX tokenomics, indicating that 77% of the circulating DYDX supply has been bridged to the dYdX Chain.
There are currently 606 million tokens in circulation. 78 million of them are held in the Community and Rewards Treasuries, and 160 million will become vesting in June 2026.
The community’s government is still strong, as 67 ideas were looked at, 62 were approved, and 77% of validators were involved.
The dYdX Grants subDAO awarded 47 grants totaling more than $5 million USDC to initiatives on the Chain.
The Foundation is in a robust financial position, with a team of 21 contributors and over $30 million in secured funds to support ongoing operations.
The dYdX Foundation is enthusiastic about expanding upon its recent accomplishments and anticipates even more significant progress in the latter half of the year and beyond.
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