DYDX Token Receives Full Community Support for dYdX Chain Integration

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Cryptonews News DYDX Token Receives Full Community Support for dYdX Chain Integration
Sep 5, 2023 2:00 PM EDT · 2 min read

Ruholamin Haqshanas
@ruholamin-haqshanas
m
DYDX Token Receives Full Community Support for dYdX Chain Integration

Image Source: dydx
Popular decentralized exchange dydx has received unanimous approval from its community to transition to version 4 and adopt the DYDX token as the Layer 1 token for its upcoming blockchain.

The vote, which took place on the Snapshot platform and concluded on September 4, garnered almost 100% support from the community.

Initiated by Wintermute, the proposal received an astounding 36 million votes in favor from 392 addresses, with only 43 votes in opposition from four addresses.

This overwhelming community backing paves the way for the migration of the DYDX token from Ethereum (ETH) to a Layer 1 appchain within the Cosmos ecosystem, which is currently on the testnet.

The proposal also included the development of an Ethereum smart contract overseen by the dYdX Foundation.

This contract aims to enable the seamless transfer of DYDX tokens from the Ethereum network to the new dYdX Chain.