Approval of DYDX token for new blockchain

Full support came from the vote on the transition of the DYDX derivative protocol to version 4 and the DYDX token being a Layer-1 asset. In the voting that was completed today, the community voted nearly 100% yes”.

The voting initiated by Wintermute, one of the companies that enables trading on centralized and decentralized exchanges, ended today. While 36 million approval votes were received from 392 addresses, 43 votes from only 4 addresses said “no”. In line with the governance decision, the project will migrate the DYDX token from Ethereum to the Cosmos ecosystem, which is currently on a testnet.

Also included in the voted proposal is a smart contract, which will be controlled by the DYDX Foundation, which will allow the unauthorized and easy transfer of DYDX tokens from the Ethereum network to the DYDX Chain. This smart contract is also on the Ethereum network. “DYDX is now officially ready to become the base token of the DYDX Chain,” said Antonio Juliano, founder of DYDX.