dYdX V4 Premieres
Following yesterday’s vote to enable trading on the Beta version of the dYdX chain, the long-awaited dYdX V4 has finally arrived! The DYDX token is up substantially on the day and 51% on the week.
The Beta phase is a crucial testing phase for dYdX V4. Users can now deposit funds into the dYdX chain and trade across 33 active markets (in limited capacities). All fee revenues, denominated in USDC, will be directed to the chain's validators and stakers.
Upon successful completion of Beta (i.e., minimal bugs and issues are encountered), dYdX governance will be able to initiate the approved trading rewards program and enable unrestricted trading.
Circle’s cross-chain USDC bridging protocol, CCTP, is also set to deploy to Nobel, the Cosmos asset issuance chain for USDC, on November 28. The deployment of this trustless bridging solution will help USDC liquidity migrate into the Cosmos ecosystem and onto the dYdX chain.
V3 of dYdX has dominated on-chain derivatives volumes, accounting for over 55% of November’s trading volumes. Meanwhile, V4 represents a significant technological leap towards decentralization. For those considering an investment in decentralized perpetuals trading, the DYDX token should undoubtedly be at the top of their list.