🚀Buckle up, BTC enthusiasts! DYDX, the native token of the dYdX Chain, has transformed from a governance-only coin to a dynamic asset within just six months of its launch. 🎉

Launched in October 2023, DYDX is now the powerhouse of the layer-1 blockchain, enabling decentralized governance and staking rewards. Before that, the dYdX Foundation had launched ethDYDX in August 2021 as a governance token for the Ethereum-based layer-2 protocol.

In September 2023, the dYdX community voted to adopt DYDX as the native token of the dYdX Chain. A wethDYDX smart contract was deployed to serve as a bridge for token holders to convert their ethDYDX to DYDX. Currently, more than 75% of all ethDYDX have been converted to DYDX and migrated to the dYdX Chain.

The dYdX Chain was designed with a staking reward mechanism that distributes 100% of the protocol’s fees, paid predominantly in Circle (USDC), to stakers. This mechanism incentivizes security provision and opens up various practical use cases for Stakers. More than 18,900 DYDX stakers are receiving rewards, with $20 million disbursed so far.

Earlier this month, the dYdX community approved a proposal to liquid-stake 20 million DYDX to reduce the chance of malicious attacks, improve network security, and decentralize validator operations. The dYdX Chain now has over $120 billion in cumulative trading volume with increasing staked assets.

DYDX has a total supply of 1 billion tokens, a circulating supply of 501 million DYDX, and a five-year token distribution schedule. So, keep your eyes on the prize, folks! 🚀🌕