The dYdX Foundation’s 2024 Semi-Annual Ecosystem Report has been released, marking significant progress and community engagement for the dYdX ecosystem. The report, a testament to transparency and community involvement, details the milestones achieved in the first half of the year. It highlights the successful launch of the dYdX Chain in October 2023. This facilitated a move away from Ethereum to its own CosmosSDK-based blockchain network.
dYdX Chain Achieves $166B in Trading Volume in 2024’s First Half
In a relatively short period, the dYdX Chain has gained interest from leading CEXs and custody solutions providers such as Binance, Coinbase, and others. For the first six months of year 2024 only, the dYdX Chain achieved more than $166 billion in trading volume with the daily trading volume reaching $2.6 billion as well as more than $129.9 million in open interest. It also achieved $135M in total value locked up affirming a strong market interaction by the network.
Significant events were the release of the dYdX mobile application for Android and iOS devices and the addition of 40 new markets to the dYdX exchange in terms of trading derivates. This expansion was backed up with the engagement of the dYdX community staking over 210 million DYDX tokens, including the contributions from the Community Treasury. Stakers received over $32M of rewards in USDC alongside trading bonuses and launch campaigns.
dYdX CEO Optimistic About Ecosystem Development
The report also explained the DYDX tokenomics in that 77% of the circulating supply is now on the dYdX Chain. At this moment, there are 606 million tokens in circulation, 78 million for Community and Rewards Treasuries and another 160 million that will vest up to June 2026. Community governance has been strong and active with 67 proposals being handled and 62 passed through the community voting system with great engagement of the validators.
In the future, the development of the decentralized financial ecosystem and new opportunities for dYdX were predicted optimistically by the dYdX Foundation. The foundation has raised over $30m to work for three years. In addition to this, it has a total 21 contributors who are all focused upon creating a new standard of innovation in the field.
Charles d’Haussy, CEO of the dYdX Foundation commented that the first half of 2024, the dYdX Chain has proven its capability with significant trading volume and rewards distribution. He further added that it is all possible due to the dedicated Validators and Stakers.
