DYDX holders have voted to make the token the native asset for the brand new soon-to-be-launched dYdX Chain because the decentralized trade (DEX) gears as much as migrate from Ethereum (ETH) to its personal community.
Based on snapshot information, the proposal, which was launched by crypto market maker Wintermute, concluded nearly 100% in favor of ‘Sure’ to make DYDX the native token for the brand new chain.
Based on dYdX, the brand new chain was developed as a standalone blockchain based mostly on the Cosmos SDK and Tendermint consensus protocol.
In an announcement, dYdX mentioned that after analysis, Cosmos was the one chain that would provide full customizability for constructing chains in accordance with exact wants.
“A serious advantage of Cosmos is that the chain may be developed to swimsuit the precise wants of the dYdX community. One utility of that is merchants wouldn’t pay fuel charges to commerce, however quite pay charges based mostly on trades executed just like dYdX v3 and centralized exchanges. These charges could be accrued to validators and their stakers.”
At time of writing, the second model of the dYdX Chain public testnet is reside and working.
DYDX is presently buying and selling for $2.05.
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