The dYdX Foundation, a non-profit organization behind the decentralized crypto exchange dYdX, has released its semi-annual report detailing the ecosystem’s growth and milestones reached in 2023.
According to the report, the foundation promotes the development of the dYdX protocol and grows the community in preparation for the release of the v4 open-source software – the dYdX Chain.
The Journey to 2023
The foundation says that regulatory challenges in the crypto industry, corporate failures, and the subsequent bankruptcy of crypto exchanges The FTX bankruptcy highlights the role of decentralized finance that focuses on self-control, transparency, and eliminating intermediaries.
Since dYdX announced its plans to become a fully decentralized protocol in January 2022, the exchange has released updates on reaching four of the five milestones and launched a public testnet. The testnet has over 57 validators, a block time of roughly 1.8 seconds, and has facilitated more than 2.9 million transactions.
Last month, the foundation revealed the potential migration of the protocol’s native token, DYDX, from Ethereum to the soon-to-be-launched dYdX Chain. After the announcement, a community member launched a snapshot vote to move DYDX to the new chain and adopt the dYdX v4 open-source software as the next version of the dYdX protocol. The community passed the vote with almost unanimous support.
The mainnet launch of dYdX Chain is scheduled for the end of September. By the specified timeline, the proof-of-stake blockchain will fully run on Cosmos.
Development of Decentralized Management
In line with dYdX’s vision for decentralized governance, the entity launched a Decentralized Autonomous Organization (DAO). The DAO registered 14 proposals, which witnessed the participation in the vote of 458 unique addresses and an average of 42.6 million DYDX. The average number of tokens used in each vote is approximately 4.3% of the total supply.
Interestingly, more than 46,000 unique addresses hold DYDX, and more than 70,000 have received the token from the rewards. The trading volume for the dYdX v3 protocol has exceeded $230 billion, with a daily volume of $1 billion. The v3 platform recently surpassed $1 trillion in cumulative trading volume.
Meanwhile, amid unfavorable macroeconomic conditions, the dYdX Foundation is expanding its team and recruiting key roles. The team now includes 13 full-time contributors, six contractors, a new marketing and communications lead, and an operations associate.
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