December 8, 2023

Updates on dYdX Chain

dYdX
Updates on dYdX Chain

TLDR:

  • dYdX Chain has already surpassed $1B in total trading volume! You can now track data and trends for dYdX Chain in real time thanks to the Chaos Labs Dashboard.
  • There are now 33 active markets available to trade at dydx.trade. The dYdX Operations subDAO will continue to list additional markets over time following governance votes involving the broader dYdX community.
  • Trading Rewards have been activated on the dYdX Chain! ~50,000 $DYDX per day is available to be earned by traders on the dYdX Chain. A full blog post explaining initial Trading Rewards contemplated in the code can be found here.
  • The dYdX Launch Incentives Program, run by Chaos Labs, is live alongside Trading Rewards for the next six months, during which $20M of $DYDX in incentives will be distributed. Trader’s points accrual is displayed on the UI while trading! Chaos Labs has published an extensive blog post explaining their program here.

Introduction

It has been a wild week for the dYdX ecosystem since dYdX Chain progressed from its Beta Stage to full production trading on November 28th, 2023. In under two weeks, dYdX Chain has already surpassed $1B in total trading volume! In case you haven’t been able to keep up with all the updates from dYdX Ops SubDAO, we wanted to summarize all the major ones below!

Please note that the dYdX Chain is made available via the dYdX Ops subDAO front end, and many of the topics discussed below are subject to change by the applicable governance community (the “Governance Community”). We recommend traders review any documents published by the applicable Governance Community for the most up-to-date information. This blog post is merely intended to provide insight into the characteristics of the open-source software that has been developed by dYdX Trading Inc. (“dYdX”) and updates on developments arising in the use of the software by the dYdX ecosystem.

33 Active Markets

There are now 33 active markets available to trade at dydx.trade! dYdX Chain offers a range of markets from mainstays like Bitcoin and Ethereum to popular altcoins like Arbitrum, Pepe, and Sei. The dYdX Operations subDAO may list additional markets over time following governance votes involving the broader dYdX community.

Trading Rewards

Trading Rewards have been activated as well!  ~50,000 $DYDX per day is available to be earned by traders on the dYdX Chain. Traders are now rewarded after each successful trade on the protocol. On the dYdX Chain, this happens immediately rather than having to wait until the end of the month!

Immediately after each fill, trading rewards get sent directly to the trader’s dYdX Chain address, based on the amount of fees paid by the trader. Prior to each trade, the UI also shows the expected amount of rewards a trade of that size will receive. Traders can earn trading rewards up to, but not exceeding, 90% of a fill’s net-trading-fees.

You can read more about initial Trading Rewards in the software in this blog post.

Launch Incentives Program and Public Dashboard

The Launch Incentives Program managed by Chaos Labs is also running for the next six months. There is $20M of $DYDX from dYdX Chain Community Treasury available to be distributed!

Chaos Labs announced that 80% of rewards will go towards trading activity, while 20% will go towards market maker activity. This program will closely monitor the protocol and these weights could be adjusted as activity on dYdX Chain evolves.

Traders on the dYdX Chain will be rewarded according to their overall level of trading activity as measured by trading fees paid. These make up the majority of the Launch Incentives Program rewards, accounting for 85% of the program’s allocation of rewards for traders. The remaining 15% will be used to pay out performance-based rewards designed in a league format. Furthermore, the dYdX Chain UI now displays trader’s points accrual so they can keep track of their expected rewards while trading!

Chaos Labs published an extensive blog post describing the program and they’ve also shared a public dashboard where traders can track all the metrics related to it!

About dYdX and Terms

Here at dYdX, our mission is to democratize access to financial opportunity. We believe that v4 software will represent notable progress in service of that mission. The events in the global economy that have transpired over the last year have only reinforced the need for open, transparent, and permissionless financial products. We’re excited for v4 software to better meet those needs.

If building the future of a decentralized exchange and open finance is something you’re interested in, check out what it’s like to work at dYdX and our open roles!

To ask additional questions, join the discussion on Discord, participate in the dYdX community, or follow us on Twitter. We’re excited to continue building the dYdX Chain and will continue to release updates over the coming months.

Terms and Conditions: This post is subject to the dYdX Terms of Use.  The dYdX interface and products are not available to persons or entities who reside in, are located in, are incorporated in, or have registered offices in the United States or Canada ("Blocked Persons"), or other Restricted Persons (as defined in the dYdX Terms of Use). dYdX products and services are not intended for, and should not be used by, Blocked Persons or Restricted Persons. Terms of Use specific to v4 software can be found here.

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