7 months ago
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dYdX Chain's trading volume hits $100 billion, stakers to benefit from robust rewards.
The Foundation supporting decentralized crypto exchange dYdX is setting the stage to distribute “60 to 80 million” in USDC to its stakers this year, Tristan Dickinson, the head of marketing and communications, revealed in an exclusive interview with Crypto Briefing.
“The adoption has been pretty staggering. We hit 100 billion in dYdX chain trading volume yesterday. So that’s in less than five months.” said Dickison in a interview at Paris Blockchain Week. “Maybe that could mean that distribution in a year could end up being 60 to 80 million.”
This comes as the dYdX Chain, launched just five months ago, has already surpassed $100 billion in lifetime trading volume.
dYdX Chain has officially crossed $100 BILLION in lifetime trading volume 🔥 pic.twitter.com/qnWWM5qXgZ
— dYdX (@dYdX) April 10, 2024
Since its launch, the dYdX Chain has averaged close to $1 billion in daily trading volume and has distributed over $17 million in USDC to its stakers. With a current staking APR of 16.32%, the platform has attracted 17,814 stakers who are securing the chain.
Dickinson elaborated on the platform’s unique rewards mechanism, describing a ‘trading flywheel’ where “up to 90% of your trading fees are given back to you in native dYdX. Then if you stake that dYdX, you get USDC, and then you can use that USDC to deposit as collateral.”
Dickinson also highlighted the significance of dYdX distributing 100% of its protocol fees to stakers, setting it apart from other exchanges in the market. He noted that on a recent day, the platform achieved its highest daily volume to date at over $2.6 billion, resulting in the distribution of 460,000 USDC to stakers.
Upcoming Features: Android Support and Permissionless Markets
When asked about upcoming product launches and new features, Dickinson highlighted the launch of Android support and the concept of permissionless markets, which the dYdX community is eagerly anticipating.
“Permissionless market. I think about it kind of like the Uniswap model. You know, you can go to Uniswap and launch the token, and off you go,” he explained. “And you do it in a permissionless, decentralized manner.”
The dYdX team has already taken steps towards permissionless markets by introducing a new market listing widget on their website, which allows anyone to list about 60 different markets.
“The community, I think, has listed about 30 markets in the last kind of five weeks or so. That was a bit of a precursor to permissionless markets,” Dickinson said. “Like is there enough community desire to list these markets? Yes, there’s a lot of desire to list these markets.”
Stay Connected with dYdX
For those interested in staying up-to-date with the latest developments at dYdX, Dickinson recommends following the platform’s official Twitter account (@dYdX). Additionally, the dYdX Foundation publishes blogs on various themes, while the dYdX Academy provides education and onboarding resources for new and intermediate traders. The dYdX Discord server is also a great place to join different communities, ask questions, and engage with targeted groups.
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