Blockchain News

dYdX Chain announces trading and launch rewards

dYdX Chain has announced that it is giving away rewards to traders simply for using dYdX Chain. It has, for the said purpose, partnered with dYdX ops subDAO. However, it is important to note that the dYdX ops subDAO operates independently and is not affiliated with the dYdX Chain. Meaning the chain is not responsible for the actions of subDAO or any other third party that uses its open source.

The team has set the everyday prize pool to 50,000 $DYDX tokens. Traders will receive a fair share of the prize pool directly in their respective wallets. A trader can earn a maximum of 90% of the net trading fees every time they use the dYdX Chain. If the trade is successful, the trader will receive the reward.

Chaos Labs has also announced that it will host an incentive program on top of what dYdX Chain has announced. The initiative by Chaos Labs brings $20 million to the table. Traders will receive the reward, and the program will run for the next six months. The $20 million reward pool distribution will be based on a point system. Early adopters will have exclusive dedication to the $20 million reward pool.

The objective of the incentive program is to bootstrap liquidity on the chain, bootstrap-staked dYdX, and strengthen governance through introducing the governance delegate program.

dYdX Chain is confident that it will provide the best possible experience in trading. dYdX Chain’s confidence is backed by its robust features. This includes:

  • Gas at an economical cost
  • Full decentralization
  • Ability to customize
  • Higher speed of transactions

dYdX Chain was earlier in the Beta Stage. It has now advanced to full deployment, effective November 28, 2023, when the community expressed its agreement through a voting system. The available markets are BTC, ETH, LINK, and SOL. The coming weeks will see more markets added to the front end of the dYdX Chain. Trading rewards and other incentive programs are live now, subject to their respective durations plus the reward pool.

The maximum rewards can be earned by having the highest level of profitability. Judges will evaluate traders based on their performance during the trading season. Traders will be classified into four tiers or segments: Bronze, Silver, Gold, and Platinum.

An announcement by dYdX Chain does little for its native token, which is exchanging hands at $3.12 with a fall of 1.75% in the last 24 hours. Nevertheless, it is a rise of 26.64% in the last month or 30 days.

The community has responded to the announcement with a few questions, asking the team to add rewards for stakers too. Other members have appreciated dYdX Chain for committing to distribute rewards immediately instead of asking them to wait for one month.

Trade and launch rewards by dYdX Chain look to boost the sentiments of traders, encouraging them to leverage the chain’s capabilities for every possible reward they can earn from the pool.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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