dYdX Community Approves $60 Million Token Staking Proposal on Stride

dYdX Places 20 Million DYDX Tokens, Valued at Around $60 Million, into Staking with Stride.

Dydx Community Approves $60 Million Token Staking Proposal On Stride

The decentralized derivatives trading community dYdX has approved a proposal to stake 20 million DYDX tokens, approximately $60 million at the current price, using the Stride platform. This initiative aims to enhance network security and diversify the project’s asset portfolio.

According to confirmation from dYdX, the platform has staked 20 million DYDX tokens across the top 26 validators on Stride.

The interest generated from staking activities is calculated in USDC, which is then automatically reinvested to yield more DYDX for participants. dYdX founder Antonio Juliano explained that the generated interest will continuously be used to buy DYDX and return it to the project’s treasury.

In a vote with 81% voter turnout, the proposal passed with a 91% approval rate. However, some expressed dissent, suggesting that this decision might decrease the Annual Percentage Yield (APY) of dYdX, potentially making the token less attractive to new investors.

On the other hand, Stride welcomes this proposal and suggests only a 7.5% fee, a reduction of 2.5% from the usual 10% fee.

Recently, dYdX also announced plans to establish a new legal entity in the Cayman Islands as a “defensive” reaction to the mounting legal pressure on the DeFi sector in the United States.

(3 votes)

2.7/5

(3 votes)
  1. Avatar of Muhammad Ramzan
    Muhammad Ramzan

    A great services

  2. Avatar of
    Anonymous

    Be leading

  3. Avatar of Naziru isa Abubakar
    Naziru isa Abubakar

    Great network and service

Comments are closed.

Latest

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.

Bitcoin Could Drop To $100,000 Soon

Bitcoin | Editor Choice

Bitcoin Could Drop to $100,000 Soon

Although Bitcoin has surged following the stabilization of the Middle East situation, it could still fall below the 100,000 USD mark in the near future.

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.