Decentralized cryptocurrency exchange dYdX has launched its own layer 1 blockchain, called dYdX Chain, with the creation of its genesis block. The blockchain operates using native DYDX tokens and is built on Cosmos’ software development kit. It utilizes the CometBFT consensus protocol and follows a proof-of-stake (PoS) model. Validators stake DYDX tokens to secure the blockchain and carry out governance operations. The dYdX Chain distributes all fees to validators and stakers in USD Coin (USDC), including trading fees and gas fees. The launch of the network involved various companies, including Circle and Coinbase. Previously, DYDX was an ERC-20 token operating on dYdX’s Ethereum layer 2 protocol. To transition to its own layer 1 chain, the dYdX community voted to adopt DYDX as the L1 token and established a bridge from Ethereum to the dYdX Chain. The DYDX token’s utility has expanded to include staking, securing the network, and participating in governance. The dYdX Chain aims to have more accessible governance compared to its previous Ethereum-based protocol. Chain validators inherit the voting weight of stakers, unless specific stakers choose to vote individually.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	1
People	Antonio Juliano
Companies	circleapp, dydx_ops_subdao, dydxfoundation, noble_xyz, coinbase
Currencies	US Dollar, Ethereum, dYdX
Securities	None