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DYDX Chain Starts Paying Trading Rewards Following DAOKey Takeaway 1. dYdX Chain has enabled trading rewards for users of its decentralized derivatives protocol following the launch of full trading on the new Cosmos-based Layer 1. 2. A six-month incentive program has also been initiated, offering rewards worth $20 million in DYDX tokens. Cosmos-based Layer 1 dYdX Chain has begun distributing rewards accrued from trading activities to users, following the commencement of full trading on the decentralized derivatives trading protocol, which was greenlit by a decisive governance vote. The beta mainnet of dYdX Chain was launched on November 14, initiating "active trading" across more than 33 markets with leverage of up to 20x. During the beta phase, although staking rewards were active, trading rewards were not being distributed, yet users were accruing 100% of the protocol’s trading fees. Following the conclusion of the governance vote earlier today, trading rewards are now fully enabled. Staking rewards for validators and stakers will continue to be paid in USDC and DYDX. Since the launch of the beta stage two weeks ago, the protocol has seen over $1.86 million in total trades across roughly 14,000 transactions, as reported by the dYdX Operations subDAO, which manages the decentralized infrastructure of the dYdX Chain. Initially, just four markets are available for full trading: BTC/USD, ETH/USD, SOL/USD and LINK/USD, with more markets to be added over the coming weeks, the dYdX Operations subDAO said. Migrating from Ethereum to the Cosmos ecosystem The alpha mainnet for dYdX version 4, along with the debut of its Cosmos-based blockchain, was launched on Oct. 26, signaling a notable transition for the leading decentralized derivatives platform to become a standalone Layer 1 on Cosmos after previously relying on Ethereum Layer 2 scaling solution StarkEx in version 3. Users migrating from Ethereum to the dYdX Chain utilize the wethDYDX smart contract, a one-way bridge facilitating the exchange of ethDYDX tokens for wethDYDX on Ethereum and DYDX, the native token on the dYdX Chain. There are currently over 437 million ethDYDX bridged and 16.45 million DYDX staked to the dYdX Chain, according to the dYdX Foundation. Incentivizing early adopters The dYdX community also approved the introduction of a six-month incentive program today, proposed by Chaos Labs. The program earmarks $20 million in DYDX tokens to be distributed among early adopters of the dYdX Chain, aiming to boost adoption and trading volume. The program is also designed to prevent abusive behaviors, such as wash trading, and each distribution of the DYDX rewards is subject to approval from the dYdX community. The dYdX platform ranks as the most extensive decentralized derivatives trading platform in crypto, with a cumulative volume of over $1 trillion since 2020.
Long
by DEXWireNews
4
Is DYDX about to do what QTUM did ?DYDX is a well used derivative DEX Can check on tokenterminal the fees being generated and the daily users on DYDX. It is gaining traction and should get a whole lot more come bull market. Very strong fractal As QTUM did previously, DYDX has fallen a lot since launch. However after 100ma appeared on the weekly timeframe and price was able to catch it... QTUM launched all the way back moving 14x from support (more from lows) DYDX looks on trend to follow Considering fractal and increasing fundamentals.. it seems increasing chance that DYDX does something similar and is something to keep a very close eye on!!
Long
by SoftQuant
DYDX may continue to rise according to the cup handle structure🧠As we mentioned in the previous post, our pullback may be over and we are in the middle of a rally driven by the bottom double bottom long structure. In the 15m chart, we have successfully broken through an important inflection point to form a cup handle bullish structure, so the rally with the long structure as support should be very efficient. ⚠️Note that this bullish view will be invalidated if our long defensive point is broken.❌ Let's see👀 🤜If you like my analysis, please like 💖and share it💬 💕 Follow me so you don't miss out on any signals and analyze 💯
Long
by wolf_king888
📊#DYDX may continue to fall based on the rising wedge pattern📉➡️After we rose based on the bottom double bottom structure, all the goals of the small long structure have been achieved, so the current callback is very reasonable. Given that there is still a large bullish structure, we will still be bullish in the big cycle.📈 🧠But for small cycles, we are in a short structure, making a healthy correction, and forming a rising wedge model during the correction (generally we fall according to this model). At the same time, I am also very much looking forward to the arrival of this decline, because when we pull back to the buy zone, the best buying opportunities will appear.💯✔️ ⚠️Note that if we continue to rise and break through the short defense point, it means that the short structure is destroyed, which means that we will continue to continue the bull power.💪 Let's see👀 🤜If you like my analysis, please like 💖and share it💬 💕 Follow me so you don't miss out on any signals and analyze 💯
Short
by wolf_king888
2
dYdX's (DYDX) Buying Momentum DecreasingdYdX (DYDX) DYDX has surged more than 200% over the first three weeks of November. This growth is primarily linked to the cryptocurrency project's recent launch of its own blockchain, which increased the visibility of the dYdX exchange and boosted the demand for its token. At present, DYDX is trading between a support zone of $2.80-$3.15 and a resistance range of $3.50-$3.75. A slightly higher seller's zone is observed at $4.00-$4.35. Testing this higher range is seen as the next step in maintaining the upward trend. Nevertheless, the likelihood of reaching a new yearly high seems uncertain due to the gradual waning of the buying momentum. In the event of a correction, DYDX could potentially fall back to support levels of $2.15-$2.40 and $1.8-$2.0. It's also crucial to consider fundamental factors, such as the significant unlocking of DYDX coins that took place at the beginning of November. In a scenario where the price drops, the market might witness a substantial sell-off of coins, which could further negatively affect the asset's price.
by DEXWireNews
DYDX showing clear indicationDYDX had formed a head and shoulder pattern with a left side slanting neckline. Normally this pattern indicates a downward trend. What is there to watch with DYDX and its pattern is that it sometimes might not continue downward with the Head and Shoulder pattern if you watch the fundamentals around this. Also the left shoulder more or less remain flat. The upcoming events and the release of new tokens could bring a hype which ca take DYDX to new heights. Ultimately on an economic aspect, more supply should bring in lesser demand and lower price. There is also to watch out the strong support levels. Support 1 which is backed by Fib and left shoulder line. Also the Support 2 which remains super strong. On a conclusive note, DYDX could turn negative up to 2.9 levels and could bounce back. This is not a financial advice. DYOR.
Long
by ajmalanwar