Chainwire
The dYdX Foundation’s 2024 Semi-Annual Ecosystem Report Highlights Incredible Progress & Community Engagement
Processing over $166B in trading volume and launching mobile apps, dYdX Chain celebrated 40 new markets and unprecedented community governance.
Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
Zug, Switzerland, July 11th, 2024, Chainwire – The dYdX Foundation, a part of the dYdX ecosystem, has just published its 2024 Semi-Annual Ecosystem Report, highlighting the incredible momentum gained by the project and its community over the first six months of the year, solidifying its position as one of the leading protocols in the decentralized finance industry.
The 2024 Semi-Annual Ecosystem Report provides a comprehensive look at the state of the dYdX ecosystem as it stands midway through the year, as part of the dYdX Foundation’s unwavering commitment to transparent and community engagement. It offers a rundown of the key milestones, product updates, innovations, collaborations and progress that have helped propel dYdX to new heights.
The dYdX ecosystem entered the new year on a high, having achieved a key milestone in October 2023 with the launch of its dedicated dYdX Chain, enabling the protocol to migrate away from Ethereum to its very own, CosmosSDK-based blockchain network. With the dYdX Chain switching into gear, the dYdX Foundation was expecting big things. It was not to be disappointed, as the ecosystem quickly racked up numerous achievements.
A host of the industry’s leading CEX and custody platforms such as Binance, Anchorage, Coinbase, OKX, Crypto.com, Gate.io, KuCoin and others were among the first to integrate with dYdX Chain, enabling users to deposit, stake and withdraw their DYDX tokens. Those integrations paved the way for stellar growth, with the dYdX Chain processing over $166 billion in trading volume in the first six months of the year, reaching a maximum daily volume of $2.6 billion and more than $129.9 million in open interest. Trading volume on dYdX grew exponentially throughout the first half of the year, as dYdX’s new network grew to amass an impressive $135 million in total value locked.
Other milestones included the launch of dYdX’s Android and iOS mobile apps, plus the launch of 40 new markets on dYdX, as well as the ability for users to list and trade many new derivative markets on the dYdX exchange in a fully permissionless manner.
This progress couldn’t have happened without the rock-solid support of the dYdX community, which backed the ecosystem with more than 210 million DYDX tokens staked, including 20 million staked by the Community Treasury. Those stakers have been richly rewarded, with more than $32 million USDC in staking rewards distributed in the year to date. In addition, the protocol distributed over $12M worth of DYDX in trading rewards, and an additional $20M DYDX via its launch incentives program.
The report also focused on the state of DYDX’s tokenomics, revealing that 77% of the total circulating DYDX supply has been bridged to dYdX Chain. The circulating supply of DYDX currently stands at 606M tokens, representing 70% of the total supply, and of those, 78M are currently vested in the Community and Rewards Treasuries, with another 160M vesting until June 2026.
Equally impressive is the community’s enthusiastic participation in dYdX governance. So far this year, 67 proposals have been processed, with the community voting to adopt 62 of them, rejecting just five. The maximum number of participants in this governance process reached 2,251, with 77% validator participation. At the end of Q2, there were 35 outstanding proposals up for vote.
Additionally, the report also highlights the dYdX community’s dedication to growing the dYdX ecosystem, showing how the dYdX Grants subDAO distributed 47 grants worth over $5M USDC to various projects building on dYdX Chain.
Meanwhile the dYdX Foundation itself is in a very healthy state, having secured more than $30M in funding to continue operating for the next three years, while growing to encompass a total of 21 contributors.
“In the first six months of 2024, the dYdX Chain has already processed over $166B in trading volume and distributed over $32M in staking rewards to Validators and Stakers, whose invaluable service sustains our ecosystem. Together, we continue to push forward and set new standards for the industry,” commented Charles d’Haussy, CEO of the dYdX Foundation.
While reflecting on the achievements of the last six months, the dYdX Foundation said it’s even more excited about what’s to come in the remainder of the year and beyond, as it continues to push the boundaries of what’s possible in decentralized finance.
The 2024 dYdX Semi-Annual Ecosystem Report is available here.
About dYdX Foundation
dYdX Foundation’s purpose is to support the current and future implementations of the dYdX protocol and foster community-driven growth in the dYdX ecosystem.
The parties, applications and solutions mentioned in or referred to in this post, including the dYdX Operations subDAO and dYdX Trading Inc., are independent from and unaffiliated with dYdX Foundation. dYdX Foundation is not responsible for any action taken by any third parties, or content set forth on any third-party websites, including any links posted for informational purposes that are linked in this page (including, without limitation, bridge.dydx.trade), and does not endorse in any way any of such parties, applications, solutions, actions or links. This post is subject to the dYdX Foundation Terms of Use.
Contact
Avishay Litani
[email protected]
Share
Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.
CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.
Chainwire has been used by over 800 brands and PR agencies worldwide.
Get Started with Chainwire
