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!

Legitimacy and Disclaimer

Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain’s infrastructure.

The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof) “AS IS, WHERE IS”.

Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.