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Home»ADOPTION NEWS»dYdX community votes to take $60 million stake from Treasury to strengthen security
ADOPTION NEWS

dYdX community votes to take $60 million stake from Treasury to strengthen security

By Crypto FlexsApril 7, 20242 Mins Read
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dYdX community votes to take  million stake from Treasury to strengthen security
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DeFi • April 7, 2024, 1:56 PM EDT

Posted 1 minute ago In ~

Decentralized Derivatives Exchange Community dYdX D.Y.D.X.

+2.83%
It was decided to stake 20 million dYdX Chain tokens, worth about $60 million at current prices, with the Cosmos staking provider. stride STRD

+3.72%
To enhance the economic security of the network and encourage stake diversity among communities.

Staked tokens will receive USDC rewards, which will automatically be merged into more dYdX tokens, creating a flywheel effect for stakers. “The fee revenue generated will be used to purchase DYDX on an ongoing basis through Stride, which will then be returned to the treasury,” dYdX founder Antonio Juliano explained in a post on X.

In a vote with 81% participation, the bill passed with 91% support, but some opponents of the original proposal pointed out that passage of the proposal could reduce dYdX’s APY, making the token less attractive to new investors.

Stride welcomes this offer and offers to charge only a 7.5% fee, a 2.5% discount from the usual 10% fee. “This (proposal) will strengthen the economic security of the dYdX chain while also improving stake decentralization,” the company wrote to X.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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