dYdX Unveils Proposal To Distribute $1.5M DYDX In Season 8 Incentive Program
In Brief
dYdX Foundation has created an on-chain vote to gather feedback on whether it should distribute $1.5 million DYDX from the dYdX Chain Community Treasury as part of Season 8 of the Chaos Labs Launch Incentives Program.
The organization behind the decentralized exchange (DEX) dYdX, dYdX Foundation announced the creation of an on-chain vote to gather opinions on whether it should distribute $1.5 million in DYDX tokens from the dYdX Chain Community Treasury as part of Season 8 of the Chaos Labs Launch Incentives Program.
Under this proposal, $1.5 million in DYDX tokens would be distributed across 3,007 accounts. The value of the DYDX tokens in USD for this distribution is calculated based on a 7-day Time-Weighted Average Price (TWAP) as of the proposal’s publication date, with 1 DYDX equaling 1.285 USD. Chaos Labs will sponsor an on-chain vote for the dYdX Chain community to approve the proposed incentive distribution.
Furthermore, in accordance with the dYdX Incentives Re-Launch Proposal shared with the community, Chaos Labs will offer recommendations on how to allocate the incentives to individual accounts. These recommendations will be based on a thorough analysis of the season’s trading data, aiming to identify and address any instances of artificial or wash trading. The goal is to preserve the integrity and fairness of the program, ensuring that incentives are allocated to participants engaged in genuine trading activities on the platform.
Key Highlights Of Chaos Labs Launch Incentives Program, Season 8
The purpose of the Launch Incentives Program is to attract, retain, and grow trader activity on dYdX Unlimited, while highlighting the platform’s unique innovations. Season 8 of the program has concluded recently, showcasing several key outcomes. The dYdX Chain saw over $9 billion in trading volume across 182 live markets, with more than 6,300 active traders participating throughout the season. The platform recorded over $345 million in open interest, reflecting a 14% decrease from the start of the season.
At the close of this season, the total value locked (TVL) on the dYdX Chain stood at approximately $367 million USDC, marking a 6% decline from the beginning of the season. Throughout this period, traders incurred $1.9 million in fees, while the program distributed $1.5 million in rewards.
dYdX operates as a decentralized exchange (DEX), allowing users to trade perpetual futures contracts for over 35 cryptocurrencies, including popular assets like BTC, ETH, and SOL. The platform runs on the dYdX blockchain, an open-source, application-specific blockchain built using the Cosmos SDK and CometBFT proof-of-stake (PoS) consensus protocol. The dYdX Chain is fully decentralized, encompassing its consensus mechanism, order book, matching engine, and front-end infrastructure.
The dYdX Unlimited upgrade introduces permissionless market listings, allowing users to list virtually any market with immediate liquidity without the need for a governance proposal. Additionally, the upgrade features MegaVault, a master liquidity pool designed to attract liquidity from dYdX users and act as a market maker for all dYdX Chain markets, including newly created ones. With dYdX Unlimited, users are enabled to contribute USDC tokens to MegaVault and share in the revenue it generates.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
