Cosmos’s forthcoming Layer 1 chain is being evaluated by DYdX as a potential native asset
The dYdX team is considering making its governance token the chain’s primary currency.
The dYdX Chain, a decentralized derivatives trading platform, is now in a beta testing phase, and the exchange is considering making its governance token the chain’s native asset.
If the community decides to put it to a vote, the exchange’s developers said they’ll hold a governance vote at a later date to determine the outcome. CoinGecko statistics show that in the previous 24 hours, trade on the decentralized derivatives market dYdX has totalled approximately $600 million.
Potential uses of the chain’s native assets, which may include staking, governance, and incentives, are being considered while version 4 of the chain is prepared for distribution later this year.
Developers behind dYdX have said that if their proposal to migrate the currency from its present position as an ERC-20 token on Ethereum to their own Cosmos SDK-based network passes an on-chain vote, they would do so.
A migration of the DYDX token from Ethereum to dYdX Chain would be required “if such an election were to materialise,” they said, since “DYDX is an Ethereum-based ERC-20 token.”
