DYDX holders have voted to make the token the native asset for the new soon-to-be-launched dYdX Chain as the decentralized exchange (DEX) gears up to migrate from Ethereum (ETH) to its own network.
According to snapshot data, the proposal, which was launched by crypto market maker Wintermute, concluded virtually 100% in favor of ‘Yes’ to make DYDX the native token for the new chain.
According to dYdX, the new chain was developed as a standalone blockchain based on the Cosmos SDK and Tendermint consensus protocol.
In an announcement, dYdX said that after research, Cosmos was the only chain that could offer complete customizability for building chains according to precise needs.
“A major benefit of Cosmos is that the chain can be developed to suit the exact needs of the dYdX network. One application of this is traders would not pay gas fees to trade, but rather pay fees based on trades executed similar to dYdX v3 and centralized exchanges. These fees would be accrued to validators and their stakers.”
At time of writing, the second version of the dYdX Chain public testnet is live and running.
DYDX is currently trading for $2.05.
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Featured Image: Shutterstock/Natalia Siiatovskaia/KDdesignphoto