News

Exciting Vote Soon: Upgrade dYdX V4 to dYdX Chain for Cutting-Edge Innovation!

Exciting-Vote-Soon-Upgrade-dYdX-V4-to-dYdX-Chain-for-Cutting-Edge-Innovation

Key Points:

Adoption of dYdX V4 as the next-gen protocol.
Migration of DYDX tokens to the dYdX chain as L1 tokens.
Creation of a permissionless DYDX chain bridge for seamless cross-protocol interactions.

The dYdX community is gearing up for a significant decision as they prepare to cast their votes on a crucial proposal dYdX V4 starting tomorrow.

The proposal, set to be put to vote tomorrow morning, revolves around the adoption of dYdX’s Version 4 (V4) and the migration of DYDX tokens to the dYdX chain. The voting period is scheduled to conclude on September 2, and this move could potentially shape the future trajectory of the dYdX ecosystem.

Initiated by Wintermute, the proposal outlines a multi-faceted approach. Firstly, it suggests embracing the open-source dYdX V4 as the forthcoming iteration of the dYdX protocol, highlighting the project’s commitment to continuous innovation. Secondly, the proposal aims to establish DYDX as the Layer 1 (L1) token of the dYdX chain, cementing its importance within the ecosystem.

Perhaps one of the most noteworthy aspects of the proposal is the plan to create a decentralized, permissionless, and unidirectional cross-protocol bridge connecting the DYDX chain with the dYdX chain. This bridge could potentially open up new avenues for seamless interaction between the two chains.

The proposal also emphasizes the importance of nodes verifying the dYdX chain. These nodes would be required to reference a designated smart contract for the distribution of DYDX tokens on the dYdX chain.

Wintermute has bundled several related proposals together. Proposals 1 through 4, which do not necessitate alterations to existing smart contracts, will be presented as a single snap vote. This consolidation is attributed to the significant overlap in the subject matter of these proposals.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.