dYdX Chain Rewards Now Launched To Attract Users To Trade

2 mins mins

dYdX Chain has officially initiated the distribution of DYDX rewards derived from trading activities. This development comes on the heels of a decisive governance vote that granted approval for full-scale trading on the platform.

dYdX Chain Rewards Now Launched To Attract Users To Trade

dYdX Chain Rewards Launched After Community Vote

The dYdX community played a pivotal role in shaping the trajectory of the protocol by supporting the proposal titled “Activate Trading Rewards and the 6-Month Launch Incentive Program.” The proposal garnered an overwhelming final support rate of 75.6%, reflecting a strong consensus among community members.

While staking rewards were active during the beta period, trading rewards remained dormant. Users, however, continued to accumulate 100% of the protocol’s trading fees. With the conclusion of the recent governance vote, trading rewards are now fully operational. Staking rewards for validators and stakers will persist in being paid in USDC and DYDX.

Chaos Labs’ $20M Incentive Program Goes Live on dYdX Chain Alongside Trading Rewards

Chaos Labs is spearheading the dYdX Launch Incentives Program, which is concurrently live with the Trading Rewards system. Over the next six months, a total of $20 million worth of DYDX incentives will be distributed. Launch Incentive Rewards are allocated based on a points system that dYdX Chain rewards users for actively engaging with the dYdX Chain.

Initially, full trading is available for four markets: BTC/USD, ETH/USD, SOL/USD, and LINK/USD. However, the dYdX Operations subDAO has announced plans to introduce additional markets in the coming weeks, expanding the platform’s trading options.

Traders on the dYdX Chain will receive rewards immediately after each successful trade, eliminating the need to wait until the end of the month. Traders stand to earn dYdX Chain rewards of up to 90% of a fill’s net trading fees, paid in DYDX. With approximately 50,000 DYDX available daily, traders have ample opportunities to capitalize on the dynamic dYdX Chain rewards system offered by the dYdX Chain.

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.