The dYdX Chain has begun distributing derivative trading rewards to its users as an independent Layer-1 ecosystem within the Cosmos ecosystem. This decision signifies the decentralized futures protocol’s commencement of its full operations. The dYdX Chain’s beta mainnet was launched within the Cosmos ecosystem on November 14, and since then, services offering leveraged trading of up to 20x on more than 33 pairs have started.
Despite being in the beta phase, users were accumulating 100% of the protocol’s commission fees. Following the completion of a DAO vote today, the trading rewards have been fully activated. Active validators and users continue to receive their share of rewards in USDC and DYDX.
Since the start of the beta phase, transactions amounting to approximately 1.86 million dollars have been executed in 14,000 transactions, as announced by the dYdX Operations subDAO, which manages the infrastructure of the dYdX Chain ecosystem.
Currently, only four pairs are available for trading. The dYdX Operations subDAO team has announced that more pairs, including BTC/USD, ETH/USD, SOL/USD, and LINK/USD, will be added to the ecosystem in the coming weeks.
One of the significant steps taken by the dYdX team was the launch of the alpha mainnet of dYdX version 4 on October 26. This marks the transition of the leading DeFi futures platform, previously tied to the Ethereum Layer-2 scaling solution StarkEx, to an independent Layer-1 ecosystem on Cosmos. Users migrating from Ethereum to the dYdX Chain used the wethDYDX smart contract to exchange their ethDYDX tokens for wethDYDX and DYDX, the native token of dYdX on Ethereum. According to the dYdX Foundation, there are currently over 437 million ethDYDX tokens bridged on the dYdX Chain, and 16.45 million DYDX tokens are staked.
The dYdX community also approved the launch of a six-month incentive program proposed by Chaos Labs today. The program aims to increase adoption and trading volume by allocating 20 million dollars’ worth of DYDX tokens to be distributed to early users.