Introducing DYDX – The L1 Token of the dYdX Chain
–News Direct–
The dYdX Foundation highlights that, on October 26 at 17:00 UTC, the first block of the dYdX Chain mainnet was created (Genesis) by dYdX Chain Validators. The creation of the first block of the dYdX Chain and the adoption of DYDX as the Layer 1 token of the network lead to new utility for the DYDX token on the dYdX Chain. Below youll find some details and highlights about the role of DYDX within the dYdX Chain, how the token has evolved and how protocol fees are distributed to Validators and Stakers on the dYdX Chain.
The dYdX Chain is a proof-of-stake blockchain network built using the Cosmos SDK and leveraging CometBFT for consensus. The dYdX Chain requires a Layer 1 protocol token that can be staked to Validators to secure the chain and to assist with governance of the n...