dYdX, a decentralized exchange platform, will go from beta to full trading on its own chain (DYDX) following a vote of approval. After an extended time of preparation, this transition from alpha to beta precedes the full trading stage.
Validators and stakers can expect reward accumulation to continue once full trading has begun. During its beta phase, the platform recorded a trading volume of around $1.86M. To encourage active traders, dYdX announces that an incentive program devised by Chaos Labs will soon be launched, with a whopping $20M in incentives. However, the community still needs to approve this distribution.
The dYdX chain will switch from the Ethereum (ETH) chain to DYDX, an L1 token that powers the dYdX Chain, concurrently with the full trading debut.
The goal is to migrate users' ethDYDX tokens to wethDYDX on Ethereum and DYDX by means of a one-way bridge, or wethDYDX Smart Contract, which locks their tokens indefinitely. The announcement brings back memories of dYdX's decision in late October to switch from Ethereum to its own layer-1 dYdX chain.
