dYdX Chain Launches $20 Million Incentive Program for Early Users
dYdX Chain, the layer-1 blockchain on Cosmos by the namesake DEX, has completed its mainnet launch and is kicking off a $20 million "Incentive Program."
After a successful voting process, dYdX has transitioned from beta to the official mainnet as of November 28. Traders can now start earning DYDX rewards for trading and USDC rewards for staking.
Announcing the launch of Full Trading on the dYdX Chain 🎉
— dYdX Ops subDAO (@dydx_ops_subdao) November 28, 2023
Full Trading unlocks;
🙋🏽 Trading Rewards
🤝 Continuation of Staking Rewards
📊 6-month Launch Incentive Program > 20M USD in DYDX
⏰ BTC, ETH, SOL & LINK markets are available for tradinghttps://t.co/gLqv4DiuEd
In addition, the blockchain is launching a six-month "Incentive Program," allocating over $20 million in DYDX from the treasury to reward early users.
The program is designed to encourage network participation and boost trading volume, while also preventing wash trading, fake volumes, and requiring each reward distribution to be approved by the dYdX DAO.
Since its beta launch two weeks ago, the blockchain has processed over $1.86 million across approximately 14,000 transactions, according to a report from the dYdX Operations subDAO, which oversees the decentralized infrastructure of dYdX Chain.
Initially, the network supports four trading pairs: BTC/USD, ETH/USD, SOL/USD, and LINK/USD. More trading pairs will be added in the coming weeks, according to the dYdX Operations subDAO.
Regarding the dYdX DEX, it was initially built on StarkEx, an Ethereum layer-2 scaling solution. In September 2023, the dYdX community approved an upgrade to version 4, allowing the DEX to separate from Ethereum and launch on its own layer-1 blockchain.
dYdX is currently the largest decentralized derivatives trading platform in the cryptocurrency industry, with cumulative trading volume exceeding $1 trillion since 2020.
