After finally launching its highly anticipated blockchain yesterday, dYdX is now trotting a unique new tokenomics scheme.
Perhaps the most notable change will be that trading fees on the decentralized derivatives platform will now be denominated in the dollar-pegged stablecoin USD Coin as well as DYDX, giving validators the choice between the two.
Maintained and minted by Circle, USDC is a cryptocurrency that tracks the price of the U.S. dollar and purports that every token is backed by a dollar equivalent in a variety of different assets, including corporate bonds and Treasuries.
'Big Respect Between Ethereum and Cosmos Developer Communities': dYdX Foundation CEO
CEO of the dYdX Foundation Charles d'Haussy unpacks the decision behind moving one of the largest decentralized exchange protocol's over to its very own chain built on Cosmos. A key driver, he told Decrypt at this year's EthCC event, was that instead of launching on a rollup or another layer-1, launching a fully customized chain will allow dYdX to fine tune the network for its product's needs.
The dYdX Foundation also shared with Decrypt the new role that the project's native governance token DYDX will play.
As dYdX is a Cosmos-based proof-of-stakeproof-of-stake blockchain that's been optimized for speedy trading and low fees. The exchange's governance token can now also be used for staking purposes.
This means that token holders can become validators of the DYDX chain by staking tokens themselves and securing the network. Holders can also delegate their holdings to other validators.
As an added bonus, all fees generated from trading on the platform will be handed out to validators and stakers. And per the platform's financials, that could come out to quite a generous payout.
Data collected from Token Terminal indicates that dYdX has already raked in more than $5.6 million from fees.
Edited by Stacy Elliott.
