The dYdX crypto community is voting on the proposal to make DYDX the main token of the new blockchain.
With 100% of the votes in favor, DYDX will become the main token of dYdX Chain, the PoS blockchain network based on Cosmos SDK that the developers of the DeFi protocol are building with the aim of becoming a truly decentralized and more efficient project.
So far, the entire crypto community of the project is in favor of migrating the DYDX token to the new blockchain and implementing it as its main token.
According to the governance proposal currently being voted on, DYDX will allow validators on dYdX Chain to participate in consensus, in order to secure the blockchain. DYDX will also become the governance token of dYdX Chain, allowing holders to participate in decision-making and govern the network together.
As DYDX was built on Ethereum, using the ERC-20 standard, the governance proposal includes the creation of a smart contract, called the Ethereum Smart Contract, which will enable the creation of a one-way, permissionless, autonomous bridge to migrate DYDX tokens from Ethereum to dYdX Chain.
The new dYdX L1 blockchain is getting closer to its mainnet launch, expected by the crypto community by the end of this month. dYdX Chain represents the next version of the DEX, dYdX v4.
31 million votes in favor
The voting process on migrating DYDX to dYdX Chain as the main token closes this Friday, September 1st, at approximately 23:47 UTC. However, it already has a total of 31.367.298,85 DYDX tokens as votes in favor so far, of which 10 million belong to the creator of the governance proposal, Wintermute.
According to voting and decision-making platform Snapshot, where the voting is taking place, only 42,67 DYDX tokens have been used to vote against the stated governance proposal.
Voting on the proposal started last Monday, August 28, and 20 million votes were required for approval. The developers plan to launch a new on-chain vote using Long Timelock, which will be active between September 1 and 8, for the final approval of DYDX's migration to the new PoS network.
Source: Snapshot
Only DYDX token holders, through protocol governance, can exercise their voting rights and participate in decision-making, to approve or reject proposed changes to the decentralized protocol.
Last week, the price of DYDX recorded a 15% increase, positioning itself as the token with the highest gains recorded in a 7-day period.
At the time of writing, DYDX is trading at around $2,19 per unit, showing an increase of 2,46% on the day and 3,61% on the week. Although DYDX is not currently the winning token in the crypto market, its trading volume has skyrocketed by 124% in the past 24 hours. According to data from CoinMarketCap, cryptocurrency traders are trading over $101 million per day in DYDX.
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