By: Eva Baxter
In a major move, the dYdX Foundation has launched their Layer 1 blockchain network, marking a significant development in the expansion of the utility of the DYDX token. This step enhances the token's role in staking, security, and governance systems. The network, built on Cosmos SDK, has positioned DYDX as its chief Layer 1 token, strengthening its importance in the dYdX Chain structure.
The genesis block of the dYdX Chain mainnet was produced signalling a new phase for DYDX. A striking feature of this development is the unconventional financial strategy the foundation has employed. All protocol fees, including trading and transaction fees, will be distributed exclusively in USDC to validators and stakers, veering away from the typical usage of a platform's native token.
The DYDX token's utility has broadened with this initiative, with the dYdX community voting for DYDX to be taken as the Layer 1 token of the dYdX Chain.
© BlockBriefly. All Rights Reserved.