The dYdX Chain is a proof-of-stake blockchain network built using the Cosmos SDK and leveraging CometBFT for consensus. The software was fully audited by Informal Systems and open-sourced by dYdX Trading Inc. ("dYdX Trading").
The dYdX Chain open-source software was deployed and the first block of the dYdX Chain was created by the dYdX Chain validators on October 26, 2023, at 17:00 UTC.
The dYdX community voted in favor of the dYdX Unlimited upgrade on November 9, 2024.
DYDX Token
DYDX is the dYdX Chain's Layer 1 token, as adopted by the dYdX community, through dYdX governance (Snapshot and on-chain).
DYDX, the dYdX Chain's L1 token, serves three key purposes: Staking, Security, and Governance.
Staking: DYDX holders have the option to serve as validators (and self-delegate) or to delegate their stake to existing validators. Such delegation increases the likelihood of the chosen validators entering or staying in the active validator set, thereby becoming a participant in the network’s consensus process.
Security: Staking DYDX directly contributes to dYdX Chain security. As more DYDX holders choose to stake their tokens across a diverse range of validators in the network and the total amount of stake on the network increases, it becomes increasingly difficult for a coordinated attack to influence a consensus decision.
Governance: DYDX empowers DYDX holders to propose and vote on proposals, directly influencing the evolution of the dYdX Chain through a democratic process. The subject matter of proposals can vary from changing a governable parameter on the dYdX Chain, spending dYdX community funds, and updating the software that dYdX Chain nodes are running, among other things.
