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)
  1. Avatar of Muhammad Ramzan
    Muhammad Ramzan

    A great services

  2. Avatar of

    Be leading

  3. Avatar of Naziru isa Abubakar
    Naziru isa Abubakar

    Great network and service

Leave a Reply

Your email address will not be published. Required fields are marked *


What Are Ai Projects Top 5 Ai Investment Projects To Consider In 2024

AI | Altcoin | Editor Choice | research | Research

What are AI Projects? Top 5 AI Investment Projects to Consider in 2024

AI - an area that has become familiar and essential in our daily lives. AI is also widely applied in the cryptocurrency market through the emergence of numerous significant AI projects. So, what are AI projects? Which are the top 5 notable AI projects? Let's find out together!

What Is Depin Azc

Editor Choice | Research | research

What is DePIN? Top 5 Notable DePIN Projects in 2024

DePIN - a trend that many cryptocurrency projects have been developing recently. So, what is DePIN? What are the top 5 notable DePIN projects in 2024? Let's find out together!

Azcoiner Partners With U2u Network

Altcoin | Editor Choice | News

AZcoiner Partners with U2U Network: Integrates U2U Network and Participates in U2U Airdrop Event

AZCoiner has announced that it has integrated U2U Chain into its ecosystem. This is a major step for both parties to soon become leading platforms in the cryptocurrency field.

Azcnews Market Plummets As Mt.gox Moves $2.9 Billion Worth Of Bitcoin

News | Bitcoin | Editor Choice

Market Plummets as Mt.Gox Moves $2.9 Billion Worth of Bitcoin

The bankrupt cryptocurrency exchange Mt.Gox has transferred billions of dollars' worth of Bitcoin from cold wallets to unidentified addresses, heightening market participants' anxiety.

Memecoin Floki Launches Trading Bot, Price Immediately Rises Azc

Altcoin | Editor Choice

Memecoin Floki Launches Trading Bot, Price Immediately Rises

The developers of the memecoin Floki have launched a trading bot on Telegram with the aim of increasing demand for the FLOKI token, thereby boosting its price in the future.