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Home > News > Altcoin
Published: 08/04/2024
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Author: AZC.News
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.
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