The dYdX Chain, together with its native Layer 1 token DYDX, was released on October 26, 2023.
While the original ethDYDX tokens continue to be in circulation, the migration of 75.2% of its total volume to the dYdX Chain signals a swift transition to the new ecosystem.
Namely, the dYdX Foundation launched ethDYDX (then called DYDX) on August 3, 2021, as a governance-only token for the dYdX Layer 2 protocol on Ethereum (ETH) — dYdX v3.
EthDYDX allowed the community to govern aspects of dYdX v3 and fostered an ecosystem around governance, rewards, and staking.
The community voted in favor of adopting the new DYDX as the Layer 1 token of the dYdX Chain, leading to the deployment of the wethDYDX Smart Contract and the bridge.dydx.trade front-end.
The security of the dYdX Chain
The dYdX Chain employs a Proof-of-Stake (PoS) security mechanism, where token holders stake their DYDX to Validators to fortify the network’s security.
Currently, around 149 million DYDX (1
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