dYdX: New Revenue Distribution to Boost Ecosystem

user avatar

by Giorgi Kostiuk

2 years ago

The dYdX Foundation announced the community's approval of a key proposal for implementing a revenue-sharing mechanism. The decision aims to boost DYDX token utility and competitiveness.

Proposal Approval

On November 15, the proposal was passed with a 76.99% turnout. Over 155 million DYDX tokens, or 89% of the votes, supported the initiative. Recently published by research group nethermind, the proposal addressed DYDX tokenomics and protocol competitiveness. The goal is to enhance DYDX token utility and reduce emissions amid competing protocols.

Revenue Distribution

Under the proposal, 50% of dYdX Chain's revenue will go to the MegaVault, allowing users to deposit USDC for liquidity in exchange for yield. This move incentivizes user participation and supports the decentralized exchange. Additionally, 10% is allocated to the Treasury subDAO to complement staking rewards.

We are proposing to route 50% of protocol revenue to the MegaVault because liquidity is a fundamental component of dYdX’s competitive advantage.

Impact on Ecosystem

Launched on October 26, 2023, the dYdX Chain has already generated over $232 billion in trading volume. More than $39 million has been distributed to validators and stakers. The new revenue distribution aims to increase liquidity, thus enhancing the platform's efficiency and competitiveness.

The approval of the dYdX revenue-sharing proposal represents a significant step towards strengthening the platform's position in the decentralized finance space. The anticipated changes are expected to increase overall competitiveness and ensure sustainable ecosystem growth.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Zoomex Launches World Trading Championship 2026 with Record Prize Pool

chest

Zoomex announces the launch of the World Trading Championship 2026 with a record prize pool of 5,000,000 USDT, featuring an expanded multi-asset competition format.

user avatarEmily Carter

Meta Platforms' Shares Surge Following AI Assistant Launch

chest

Meta Platforms' shares rose over 6% after the launch of its AI assistant, Muse, which helps users manage tasks and goals.

user avatarTomas Novak

Galaxy Announces $5 Million Funding for Bitcoin Quantum Security Research

chest

Galaxy announced up to $5 million in funding for Bitcoin quantum-security work, including developer grants, research, and an advisory council.

user avatarMaya Lundqvist

IonQ Launches Superion 256 Quantum Computer with Orders Open for 2027 Delivery

chest

IonQ has launched its Superion 256 quantum computer, opening orders for delivery in 2027.

user avatarKaterina Papadopoulou

Prediction Markets Show Shifts in Oil Price Expectations

chest

Prediction markets are reacting to oil price fluctuations, with traders speculating on whether crude will reach $120 or fall to $55 first.

user avatarAisha Farooq

Record Diesel Prices Hit Ahead of Midterm Elections

chest

Record diesel prices reached a high of 594 a gallon, raising concerns about consumer affordability ahead of the midterm elections.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.