The dYdX Foundation has made it known that a community decision-making process concerning the potential update of the dYdX Chain to version 8.0 has commenced and is currently active.
The decision about whether the dYdX Chain should be updated to version 8.0 will be made by the community using a vote that takes place on-chain, and this vote is set to end on January 21, 2025, as announced officially by the dYdX Foundation.
As a researcher, I am discussing a proposal put forth by the dYdX Operations subDAO. This proposal suggests an update to the dYdx protocol that incorporates permissioned keys as part of an account risk management and safety enhancement for API traders. If this proposal receives community approval, it will also result in the removal of the marketmap feature, enabling market mappers to eliminate non-launched markets, while introducing other significant improvements.
As per the Operations branch of our decentralized autonomous organization (DAO), this essential software update can only proceed if the community endorses the governance proposal, according to their decision-making process.
The process for the proposal starts when it’s submitted and an on-chain vote becomes active on January 17th, followed by a forecasted result of the vote on January 21st. If approved, implementation may take place on January 22nd. The upgrade is planned to happen at block height 35,602,000.
dYdX is a trading platform for decentralized finance that debuted DEX aggregators, decentralized margin trading, and flash loans in 2018. This platform’s standalone app-chain, called the dYdX Chain, was unveiled in October 2023, emphasizing autonomy, speed, and user convenience during its development. Version 8.0 is the most recent proposal for enhancing this platform.
On the dYdX Chain, the native currency is called DYDX. By holding this token, you can aid in securing the chain and receive incentives from the protocol. The current price of this L1 token stands approximately at $1.43, representing a 6% increase over the past 24 hours.
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2025-01-17 19:39