dYdX Community Approves $5 Million Token Distribution for Traders
The dYdX community has recently approved several significant measures through a series of governance votes. One of the key decisions is the distribution of $5 million in $DYDX tokens to traders as part of Season 6 of the Chaos Labs Launch Incentives Program. This program is designed to reward active users and encourage greater participation and trading volume on the platform.
In addition to the token distribution, the community voted to update the RNDR-USD market parameters. This vote saw a high level of engagement, with a 79.23% turnout and 98.44% of votes in favor of the update. Another important decision was the approval of an upgrade to the dYdX Chain software to version v5.2.0, which received a 97.78% approval rate with a 53.52% turnout.
The community has also initiated a new on-chain vote to consider the addition of $MAVIA, a token from MaviaGame, to the dYdX Chain. This vote is scheduled to conclude on August 6, 2024, at 19:52 UTC. The outcome of this vote could potentially open up new opportunities for asset integration on the platform.
Season 6 of the Launch Incentives Program introduces several features to encourage participation. These include a bonus of up to 50% more points for DYDX stakers, a 1.5x points multiplier for trades made via web, iOS, or Android apps, and a 2x points incentive for trading on non-major markets. The program also offers a $100 bonus for the first 1,000 new accounts with the highest taker volume.
The incentives program includes $800,000 in prizes for trading leagues and $1 million in rewards for market makers who contribute over 0.25% of maker volume. The rewards for market makers will be calculated based on their contributions to trading volume, with a focus on less liquid markets and periods of volatility.
Season 6 is set to conclude between August 18 and August 28, 2024. The data collected during this period will be used to help define future incentives and further adapt the platform to meet the needs of its community. Users interested in participating in the program can do so by visiting dydx.trade.
