The dYdX community has recently approved a motion to transition trading on the dYDX chain (DYDX) from the beta stage to Full Trading.
Before this milestone, there was an extensive preparatory phase that involved moving trading from the Alpha phase to the Beta phase. This information was shared with Finbold by the Operation subDAO on November 28.
Upon the launch of Full Trading, validators and stakers will continue to accumulate rewards. During the Beta phase, the platform witnessed a trading volume of around $1.86 million.
Additionally, a 6-month incentive program, designed by Chaos Labs, will coincide with the launch. This program will allow active traders to earn rewards for engaging in various activities on the dYdX chain, distributing a total of $20 million in rewards.
It's important to note that the distribution of rewards through this incentive program is still subject to community voting, as shared with Finbold.
The introduction of full trading will coincide with a migration from the Ethereum (ETH) blockchain to the dYdX ecosystem. This transition will be facilitated through a permissionless and self-governing one-way bridge known as the wethDYDX Smart Contract.
As part of this move, users' ethDYDX tokens will be permanently locked, and they will receive wethDYDX tokens on the Ethereum network in exchange, as well as DYDX, the primary token driving the dYdX Chain. The dYdX Foundation made an official announcement regarding its shift away from Ethereum in late October, declaring its strong support for the native layer-1 dYdX Chain.
Shortly after its debut, the DYDX token experienced a rapid rise in value, reaching over $26 before undergoing a significant decline. Subsequently, the token has achieved stability and has predominantly traded within the range of $1.50 to $3 throughout 2023.
