On September 4th, the voting for a new proposal by Wintermute for dYdX came to an end, with a unanimous result of 100% agreement. This vote included 36 million affirmative votes from 392 addresses and 43 dissenting votes from 4 addresses.
The proposal aimed to introduce several protocol improvements, including:
- Upgrading to the next version, dYdX v4.
- Transitioning DYDX from Ethereum to become the native token of the appchain Layer 1 within the Cosmos ecosystem, known as dYdX Chain (currently in a testing phase).
- Building a one-way bridge allowing DYDX to move from Ethereum to dYdX Chain.
- Implementing a token on Ethereum called wethDYDX, performing administrative and utility functions for both v3 and v4.
The first three changes won’t require any adjustments to the smart contracts. However, the proposal for wethDYDX token deployment will need an additional vote on its deployment method.
Wintermute also encouraged validators to refer to the Ethereum Smart Contract authorized by the dYdX Foundation when distributing DYDX on the dYdX Chain.
Currently, dYdX stands as one of the leading decentralized exchanges (DEXs) in the derivatives market, especially known for providing perpetual contract trading. The platform recorded nearly $240 million in trading volume within the last 24 hours and has accumulated a total trading volume of over $1 trillion since its launch in 2020.
As of June 2022, dYdX announced plans to build its own chain on the Cosmos network, and it entered the public testnet phase in July this year. Initially, the public testnet will only be available for Bitcoin and Ethereum markets, with plans to expand to 30 other markets in the future. Various functionalities will be offered, including wallet integration, order book viewing, market order placement, and account information.