dYdX Community Votes to Stake $60 Million from Treasury to Enhance Network Security

Sunday, 7 April 2024, 17:56

The decentralized derivatives exchange dYdX community has decided to stake 20 million dYdX Chain tokens, valued at approximately $60 million, with Cosmos staking provider Stride to enhance economic security and promote stake diversity. By staking the tokens, the community aims to earn USDC rewards, fostering a more secure network while encouraging active community participation.

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dYdX Community Enhances Network Security

The community of decentralized derivatives exchange dYdX has voted to stake 20 million dYdX Chain tokens, worth about $60 million at current prices, with Cosmos staking provider Stride in order to boost the economic security of the network and encourage stake diversity among its community.

USDC Rewards

The staked tokens will earn USDC rewards, which will be reinvested into further strengthening the network.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.