Rally Follows Leading Decentralized Perpetuals Exchange Launching dYdX Chain Last Month
dYdX’s eponymous governance token is up 20% today and 60% in the past 7 days after the decentralized perpetuals exchange unveiled that DYDX stakers and validators will accrue trading fees from the dYdX Chain.
On Nov. 13, the dYdX Chain launched its beta phase, where users can trade perpetuals of 33 assets. The transition to a full release will take place after a governance vote, which will implement trading rewards being distributed to users who have staked dYdX.
dYdX routinely processes over $1B in daily volume and has generated over $70M in trading fees in 2023, according to Token Terminal.
The dYdX Chain was launched by the dYdX Operations subDAO on Oct. 26.
Notably, the bullish price action comes ahead of a major token unlock, with approximately 150M DYDX set to enter circulation on Dec. 1.
Initially, the tokens were slated to be unlocked in January 2023. However, this scheduled unlock event was postponed amid the bear market.
In 2024, nearly 34M DYDX tokens will be unlocked monthly for the first six months.
DYDX’s circulating supply, currently at 188M tokens, will nearly triple to approximately 553M on June 1, 2024.
USDC Expands To dYdX Chain
dYdX has teamed up with USDC issuer Circle to bring the USDC stablecoin natively to the dYdX Chain and the broader Cosmos ecosystem.
This will be facilitated by Circle’s Cross-chain Transfer Protocol (CCTP), which mints USDC on the destination chain and burns USDC on the sending chain. CCTP will be available starting Nov. 28.
