Hedgies

@Verified

🗳️ DRC Created 🗳️

E4 has created a DRC titled “Seed Insurance Fund”, which contains a proposal to transfer DYDX from the Community Treasury to Wintermute to seed the dYdX Chain’s Insurance Fund with ~1M USDC.

Since Full Trading was enabled on November 28, 2023, the size of the Insurance Fund is currently at ~5,882.42 USDC. With daily trading volume reaching ~$326M, traders on dYdX Chain would likely benefit from a sizable Insurance Fund.

*Wintermute has expressed interest in seeding the Insurance Fund with ~1M USDC using the mid-price of ETHDYDX on Binance minus a 10% discount. *

The proposal execution is done through the following steps:

1️⃣ Based on Wintermute's bid, E4 proposed to calculate the amount of DYDX to be sent from the Community Treasury to Wintermute address using the 5-day Time Weighted Average Price to calculate the market price of DYDX (and adjusting the price for 10% discount)

2️⃣ If the proposal passes, Wintermute will take the mid-price of ETHDYDX from Binance with a 10% discount after receiving the DYDX, then use this price with the 10% discount to calculate how much USDC to send to the Insurance Fund.

3️⃣ Wintermute will then write on the Forum confirming the trade has been finalized with the relevant details of the trade.

Note, an on-chain governance vote on dYdX Chain would be required to transfer any amount on the Community Treasury to any address.

Review and contribute to the Forum discussion 👉 https://dydx.forum/t/drc-seed-insurance-fund/1750

Insurance Fund 👉 https://www.mintscan.io/dydx/address/dydx1c7ptc87hkd54e3r7zjy92q29xkq7t79w64slrq

Wintermute’s original post 👉 https://dydx.forum/t/drc-activate-trading-rewards-and-the-6-month-launch-incentive-program/1619/9

@Verified

Full trading on the dYdX Chain launched 9 days ago, since then;

tl;dr
📊 Over 1 Billion in trading volume on the dYdX Chain
🙋🏽 Over 200k Staking Rewards in USDC distributed to Validators and Stakers
🔒 19M+ Staked DYDX. Total Staked is now 36M+
🌉 442.5M total ethDYDX bridged to dYdX Chain DYDX
🤝 1 governance proposal passed (3 proposals passed on the dYdX Chain)

With the launch of Full Trading, three different reward mechanisms are now enabled on the dYdX Chain;

1️⃣ Staking Rewards in USDC
2️⃣ Trading Rewards in DYDX
3️⃣ 6-month Launch Incentive Program proposed by Chaos Labs, 20M USD in DYDX

Source: https://lookerstudio.google.com/u/0/reporting/9b5bb482-8ba2-4ed5-b8e1-1bb254a7ffe3/page/iVxiD

@Verified

Less than 3 hours to go until the AMA on Discord with the Chaos Labs team to discuss the 6 month Launch Incentive Program

Chaos Labs team will run through the dashboard, portal, answer questions, discuss analytics, the leaderboard, and much more.

⏰ 4 pm CET
📅 Thursday 7th December
✅ RSVP : https://discord.com/events/724804754382782534/1181586562375483443

Read the Chaos labs Launch Incentive Deep Dive
https://chaoslabs.xyz/posts/dydx-v4-launch-incentives

@Verified

Curious about DYDX Token Mechanics?

In this snippet from the recent Defiant News podcast, @​daviddydx highlights:
🚫 No block inflation or new token minting for Validators
💰 Protocol fees reward contributors to network security
🔗 Alignment of Stakeholder interests

And further insights on DYDX token mechanics.

Watch the podcast in full
https://www.youtube.com/watch?v=aY5EQ3U-zZg

@Verified

The dYdX Chain keeps expanding 🌐

we're rolling out PEPE-USD, WLD-USD, SEI-USD, LTC-USD, and BCH-USD on the dYdX Chain!

These new additions push our total to 33 trading pairs, giving you more variety and opportunities. 🤝

As always, take advantage of:
🙋🏽 Trading Rewards
📊 6-month Launch Incentive Program
🔒 Staking Rewards

@Verified

The dYdX Foundation is hosting an AMA on DIscord with the Chaos Labs team to discuss the 6 month Launch Incentive Program

The Chaos Labs team will run through the dashboard, portal, answer questions, discuss analytics, the leaderboard, and much more.

⏰ 4 pm CET
📅 Thursday 7th December
✅ RSVP : https://discord.com/events/724804754382782534/1181586562375483443

Read the Chaos Labs Launch Incentive Deep Dive
https://chaoslabs.xyz/posts/dydx-v4-launch-incentives

@Verified

In case you missed the 7th dYdX Community Town Hall featuring dYdX, @Operations subDAO, @Grants subDAO, Stride Labs, and Chaos Labs catch up in full 🎥

Topics in the Town Hall;
📊 Trading Rewards and Chaos Labs 6 month Launch Incentive Program
⛓️ Beta Stage Recap and Full Trading
🚨 Stride Labs Liquid Staking
👀 Exciting grants pipeline and what to look out for

Community Town halls live Stream to Youtube. Watch in full
https://youtube.com/live/3Lx8fjoIvs8

@Verified

📢 Market Update on the dYdX Chain 🌐

We've had a bustling couple of days at dYdX Chain! Yesterday, we welcomed NEAR-USD, APT-USD, SUI-USD, DOT-USD, and ETC-USD.🚨

And today, we've added ARB-USD, CRV-USD, BLUR-USD, FIL-USD, and XLM-USD into the mix.💿

That’s 10 new trading pairs in just 48 hours, bringing our total to a remarkable 28 active markets! 🎉

As you explore these new opportunities, remember the benefits that come with trading on dYdX:
🙋🏽 Enjoy Trading Rewards
📊 Take part in our 6-month Launch Incentive Program
🔒 Secure your investments with Staking Rewards

We're not stopping here - there's more on the way.

@Verified

Interested to learn how to stake on the dYdX Chain?

In this section of the Defiant tutorial, you can learn the steps to stake with Keplr wallet on the dYdX Chain 🤝

You can also stake with Leap wallet among other providers.

Follow the how-to-stake guides
https://www.dydx.foundation/how-to-stake/overview

Watch the dYdX Chain tutorial in full
https://www.youtube.com/watch?v=XBaFcGpBSyA

@Verified

We're hosting an AMA with the Chaos Labs team to discuss their Launch Incentive Program
https://chaoslabs.xyz/posts/dydx-v4-launch-incentives

The Chaos Labs team will run through the dashboard, answer questions, and discuss analytics, the leaderboard, and much more.

⏰ 4 pm CET
📅 Thursday 7th December
✅ RSVP: https://discord.com/events/724804754382782534/1181586562375483443

@Verified

Don’t miss the Weekly Recaps With the @Operations subDAO recently announcing the launch full trading on the https://dydx.trade/ there is plenty of updates to catch up on

🧵👇

🤝 Catch up on the recently published dYdX Chain Rewards and Fees Deep Dive
https://twitter.com/dydxfoundation/status/1730304752674632144

Over 420M+ in trading volume on the dYdX Chain
https://twitter.com/dYdX/status/1731756257680265698

📊 @Operations subDAO announced the launch of Full trading, activating a triple reward system
https://twitter.com/dydxopssubdao/status/1729500848827347436

2k+ daily active users on the dYdX Chain 🙋🏽
https://twitter.com/dYdX/status/1731727648655597713

If you want to participate in governance discussions and stay up to date with important governance updates, topics or proposals.

Visit the forum 👉 https://dydx.forum

View the thread👇
https://twitter.com/dydxfoundation/status/1731778971161833861

@Verified

🗳️ Launch a Social Mitigation Strategy for MEV

The dYdX community has voted in support of launching a social mitigation strategy for MEV!

⚡️ 85% turnout (50 out of 60 Active Set validators & 463 accounts voted)
✅ 85.6% yes | ❌ 0.1% no | ➡️ 14.3% abstain votes
https://www.mintscan.io/dydx/proposals/3

The MEV Slashing Committee is appointed, consisting of 7 individuals members, running for 6-months term, with a budget of $84k ($2k/month per member).

The MEV Slashing Committee responsibilities include:
1️⃣ holding recurring review meetings to discuss MEV activity,
2️⃣ proactively reviewing discrepancy data for outliers and possible MEV activity,
3️⃣ making periodic reports and recommendations for community action based on findings, and
4️⃣ bring forward a framework for standardizing certain actions based on discrepancy data. This framework will be voted on by the community through governance.

All the social slashing recommendations will be subject to governance votes.

DIP 👉 https://gist.github.com/cbergz/710efdf38a99350a6beaa974a133200c
Forum discussion 👉 https://dydx.forum/t/dydx-v4-social-mitigation-strategy-for-mev/1377

@Verified

Don’t miss the Weekly Governance Recaps, after the Launch of Full trading on the dYdX Chain the dYdX Forum is packed with meaningful community discussions and contributions ✨

Sign up to the forum 👉 https://dydx.forum/

💡dYdX Foundation published an update in the forum titled; ‘Understanding Rewards and Fees on the dYdX Chain’
https://dydx.forum/t/understanding-rewards-and-fees-on-the-dydx-chain/1689

⛓ There was an update to the forum post by Govmos titled; ‘[FIX] Stabilizing the Validators’ Block Miss’
Read the update
https://dydx.forum/t/fix-stabilizing-the-validators-block-miss/1591/5

👀 Kiln Finance published a thread to the forum titled; ‘Utilizing Cosmos Validator Watcher for Enhanced dYdX Chain Monitoring’
Read the update
https://dydx.forum/t/utilizing-cosmos-validator-watcher-for-enhanced-dydx-chain-monitoring/1699

🖊️ Joanna from dYdX Ops subDAO published a forum thread titled; ‘Retroactive Compensation to Ops subDAO Trustee’
Read the update
https://dydx.forum/t/retroactive-compensation-to-ops-subdao-trustee/1669

If you want to participate in governance, engage in discussions and stay up to date with the latest forum topics
https://dydx.forum

Thread :https://twitter.com/dydxfoundation/status/1730717971595530572

@Verified

Catch up on the recent Epicenter podcast featuring @​0xcharles 🎥

In this section Charles touches upon;
🔒 Foundation Delegation program
⚖️ Localisation of Validator servers
🤝 Professionalization of Validator set

Watch the podcast in full
https://epicenter.tv/episodes/521

@Verified

🚨 Vote Reminder 🚨
~2 days left to vote

🗳️ Should the Community Approve the Launch of Social Mitigation Strategy for MEV?

https://www.mintscan.io/dydx/proposals/3

Vote ends December 3, 2023, 13:49 UTC ⏳

This proposal seeks to:
1️⃣ launch a social strategy for mitigating MEV on behalf of active validators by appointing a grants funded committee; and
2️⃣ agreeing on the intent to take action against bad actors.

This is a text proposal signaling intent to pursue a social strategy, there will be no on-chain changes if this proposal passes. Any social slashing recommended by the committee would require a governance vote.

Note, only staked DYDX tokens can vote on dYdX Chain governance proposals. If a DYDX staker does not vote on a proposal, they will inherit the vote of their validator for the respective proposal.

Once you're ready to cast a vote, you can follow the steps on How to Vote guide 👇
https://docs.dydx.community/dydx-token-migration/dydx-chain-modules-and-parameters/governance/how-to-vote-guide

Review and contribute to the discussion on the Forum 👇
https://dydx.forum/t/dydx-v4-social-mitigation-strategy-for-mev/1377

@Verified

Want to know more about the different rewards mechanisms on the dYdX Chain?

In this Rewards and Fees Deep Dive learn about;
🎁 dYdX Chain Rewards
📟 Rewards types and Calculations
🛄 Claiming Staking Rewards and receiving Trading Rewards

With the launch of Full Trading, three different reward mechanisms are now enabled on the dYdX Chain: (1) Staking Rewards, (2) Trading Rewards, and (3) a 6-month Launch Incentive Program.

Staking Rewards are distributed predominantly in USDC on a per-block basis (a block is being produced on the dYdX Chain approximately every 1.07 secs, according to Mintscan) and need to be manually claimed by Stakers.

Trading Rewards are denominated in DYDX & are automatically distributed to the connected dYdX Chain addresses on a per block basis. No need to wait or to manually claim their Trading Rewards

50,000 DYDX per day in Trading Rewards are currently available to be earned by traders

Chaos Labs’ community-approved 6-month Launch Incentive Program aims to kick-start liquidity in the dYdX Chain and reward users for early adoption. Over $20M in DYDX will be distributed as part of the 6-month Launch Incentive Program. Rewards are retroactively distributed and subject to a dYdX Chain governance vote.
https://chaoslabs.xyz/posts/dydx-v4-launch-incentives

*The dYdX Chain’s fee structure is a complex and integral component of its ecosystem, designed to foster network health, reward participation & ensure equitable distribution of fees 🎁 *

Read the blog to learn more
https://www.dydx.foundation/blog/understanding-rewards-and-fees-on-the-dydx-chain

@Verified

Five new markets on the dYdX Chain

We’ve added XRP-USD, UNI-USD, ADA-USD, TRX-USD, and OP-USD to the available trading pairs on the dYdX Chain.

There are now 13 markets live on the dYdX Chain with more to come over the next few days!

Also on the dYdX Chain:
🙋🏽Trading Rewards

📊 6-month Launch Incentive Program
🔒 Staking Rewards

@Verified

1.5 hours to go don’t miss the 7th dYdX Community Town Hall featuring dYdX, @Operations subDAO, @Grants subDAO, Stride Labs, and Chaos Labs

In the Town Hall;
📊 Trading Rewards and Incentive Program
⛓️ Beta Stage Recap and Full Trading
🚨 Strides Liquid Staking
👀 Exciting grants pipeline and what to look out for
🙋🏽 Chaos Labs Launch Incentive Program

📅 Thursday, 30th November, 2023
⏰ 2 pm UTC

Register with the link below & add to your calendars
https://us06web.zoom.us/webinar/register/WN_KNVGcfGhROG3367MPP3oQA

@Verified

Update on the Initial Unlock of DYDX

Pursuant to the Warrants and other off-chain contractual agreements, up to 150M Tokens subject to the transfer restriction will be released and freely transferable from 00:00 UTC on December 1, 2023.

*This represents up to 15% of the total token supply and 30% of the total locked Tokens. *

Note, any wethDYDX and/or dYdX-Chain DYDX tokens received by locked Token holders in exchange for their locked ethDYDX shall continue to be subject to the same transfer restrictions and release schedule.

The remaining 70%+ of locked Tokens shall continue to be subject to the same transfer restrictions and release schedule.

Since the release of ethDYDX, over 190M ethDYDX have been distributed as a result of staking rewards, trading rewards, liquidity provider rewards, or transfers from the dYdX Community Treasury.

More information is available in the Epoch 29 Review.
https://www.dydx.foundation/blog/epoch-29-review

As a result of several governance proposals to reduce ethDYDX emissions, the allocation of the dYdX Community Treasury has increased by over 200M tokens, from an original allocation of 5% (50,000,000 tokens) to a current allocation of 26.2% (262,550,949 tokens) of the total token supply.
https://docs.dydx.community/dydx-governance/start-here/dydx-allocations

Read more about the transfer restrictions and release schedule
https://www.dydx.foundation/blog/lock-up-extension

Read the Update on the Initial unlock of DYDX blog for more details
https://www.dydx.foundation/blog/update-on-dydx-unlock

Four new markets on the dYdX Chain

We’ve added MATIC-USD, ATOM-USD, AVAX-USD, and APE-USD to the available trading pairs on the dYdX Chain.

And that's not all - we're working on introducing even more pairs soon 🧭
Thank you for being part of our vibrant community, discuss strategies, share insights, and prepare for the new additions. Let's explore these new trading horizons together 🤝

@here

Four new markets just went live on dYdX Chain!

The dYdX operations subDAO plans to continuously add new markets to the frontend in the coming weeks.

You can trade them now at https://dydx.trade

dydx.trade is owned and operated by the dYdX Operations subDAO (DOS). DOS is independent from & unaffiliated with dYdX, & dYdX is not responsible for their actions, or any third party that uses dYdX open source code.

!here Hello all,

The dYdX Foundation are looking to set up Telegram groups with any validators that it does not already have one set up with. Could you please reach out to Joshua Watts, Gov Lead at the dYdX Foundation.

Phone:+41775057519
TG: JoshEWa

@Verified

⛓️ On-Chain Vote Started ⛓️

🗳️ Should the Community Approve the Launch of Social Mitigation Strategy for MEV?

https://www.mintscan.io/dydx/proposals/3

Vote ends December 3, 2023, 13:49 UTC

This proposal seeks to:
1️⃣ launch a social strategy for mitigating MEV on behalf of active validators by appointing a grants funded committee; and
2️⃣ agreeing on the intent to take action against bad actors.

The MEV Slashing Committee will consist of 7 individuals members, will run for 6-months term, with a budget of $84k ($2k/month per member).

The MEV Slashing Committee responsibilities include:
➡️ holding recurring review meetings to discuss MEV activity,
➡️ proactively reviewing discrepancy data for outliers and possible MEV activity,
➡️ making periodic reports and recommendations for community action based on findings, and
➡️ bring forward a framework for standardizing certain actions based on discrepancy data. This framework will be voted on by the community through governance.

This is a text proposal signaling intent to pursue a social strategy, there will be no on-chain changes if this proposal passes. Any social slashing recommended by the committee would require a governance vote.

Review and contribute to the discussion on the Forum 👇
https://dydx.forum/t/dydx-v4-social-mitigation-strategy-for-mev/1377

@Verified

Epoch 29 has concluded and Epoch 30 has started, below we outline some of the most significant data points from Epoch 29 🦔🦔

✅ In Epoch 29 there were 3,206 Unique Depositors. $34.1B in Cumulative Volume and $349M in Open Interest.
✅ Average Daily Volume ended at $1.2B.
✅ 6.5k unique wallets earned 2.157M $DYDX in Epoch 29.

✅ Net Deposits/Withdrawals ended with -$151.7M. Fee’s paid has finished at $8.3M.

Governance Proposals passed on Ethereum and dYdX Chain:
1️⃣ Bridging the Community and Rewards Treasuries
https://dydx.community/dashboard/proposal/16
2️⃣ Enable Trading on All Markets
https://mintscan.io/dydx/proposals/1
3️⃣ Activate Trading Rewards and the 6 Month Incentive Program
https://mintscan.io/dydx/proposals/2

Current dYdX Chain Proposal on Deposit Period:
Launch a Social Mitigation Strategy for MEV
https://www.mintscan.io/dydx/proposals/3

🙌 dYdX Ops SubDAO announced that Full Trading is live ⛓️🎉
https://www.dydxopsdao.com/blog/full-trading-is-live
👩‍💻 dYdX Trading published “A New Architecture to Mitigate MEV”. Read the blog post 👇
https://dydx.exchange/blog/architecture-to-mitigate-mev

Link to the blog: https://dydx.foundation/blog/epoch-29-review
Link to Thread: https://x.com/dydxfoundation/status/1729831399010492898
Link to Download: https://drive.google.com/file/d/1PYT0ydVMTayVewsbHqmYUHMAKfBnAG4W/view?usp=sharing

@here
Trading and Launch Rewards are live on dYdX Chain! ✨

Traders can now earn rewards when they use dYdX Chain available via the dYdX Ops Subdao (DOS)!

Traders could earn up to 90% of a trade’s net trading fees when they use dYdX Chain 😎

~50,000 $DYDX will be available per day and rewards will be distributed to a trader’s wallet directly after each successful trade.

Additionally, Chaos Labs will be running a concurrent launch incentive program during which $20M in incentives will be distributed to traders.

Launch incentives will run for the next 6 months and will be distributed based on a point system.

We believe dYdX Chain will provide the best possible trading experience for traders and we are so excited it’s finally live 🚀

Start trading on the DOS front end now: dydx.trade

Dive deeper into the Chain and Incentives program here:
https://dydx.exchange/blog/v4-full-trading

@Verified

Announcing the launch of Full Trading on the dYdX Chain

Full Trading unlocks;
🙋🏽 Trading Rewards in $DYDX
📊 6 Month Launch Incentive Program > 20M USD in $DYDX
🤝 Continued Staking Rewards predominantly in $USDC
⏰ Initially: BTC-USD, ETH-USD, SOL-USD & LINK-USD markets are available for full production trading

Initially: BTC-USD, ETH-USD, SOL-USD & LINK-USD markets are available for full production trading. More markets will continue to be added in the coming weeks

The Chaos Labs Incentive Program will continue to ramp up in a staged manner & according to dYdX Community governance

The enablement of Full Trading by the dYdX Community, is a huge step forward for the dYdX Ecosystem 🙌

Read in more detail what Full Trading unlocks
https://www.dydxopsdao.com/blog/full-trading-is-live

And read the Chaos Labs incentive program deep dive
https://chaoslabs.xyz/posts/dydx-v4-launch-incentives

@Verified

🗳️ Activate Trading Rewards and the 6-Month Launch Incentive Program

The dYdX community has voted in support of activating Trading Rewards and the 6-Month Launch Incentive Program!

⚡️ 62.5% turnout (50 out of 60 Active Set validators & 605 accounts voted)
✅ 75.6% yes | ❌ 0.0% no | ➡️ 24.4% abstain votes
https://www.mintscan.io/dydx/proposals/2

A few important on-chain changes on dYdX Chain:
1️⃣ dYdX Chain Rewards Treasury Vester is credited with 54,077,073 DYDX,
2️⃣ the trading rewards constant “C” is currently set to 0.33, traders will start earning rewards per block,
3️⃣ the trading rewards constant “C” will subsequently increase to 0.66 (after 1,463,213 blocks delay) and 0.9 (after 3,383,213 blocks delay), and
4️⃣ dYdX Chain Community Treasury Vester is credited with 172,762,268.21 DYDX.

The dYdX community also approved the start of the 6-month Launch Incentive Program proposed by Chaos Labs. Note, all distributions under this program are subject to governance vote on dYdX Chain.

@Verified

Since the mainnet genesis of the dYdX Chain, over 437M ethDYDX have been bridged and over 16.45M DYDX has been Staked.

With the official launch of the Beta Stage and https://dydx.trade/ > Staking Rewards accrue to Validators and Stakers 🤝

Learn how to bridge ethDYDX to dYdX Chain DYDX, read the how-to-bridge guide
https://www.dydx.foundation/how-to-bridge/overview

Learn how to stake to dYdX Chain Validators, read the how-to-stake guide
https://www.dydx.foundation/how-to-stake/overview

Watch the video walk through of the guides
https://youtu.be/YYHac7hyxfY

@Verified

Don’t miss the Weekly Recaps, with the @Operations subDAO recently announcing the launch of https://dydx.trade/ there is plenty of weekly updates 💡

Last week was packed with highlights from the dYdX Ecosystem.

👀 Tune in to the 7th dYdX Community Town Hall on Thursday 30th November at 1pm UTC
https://twitter.com/dydxfoundation/status/1729222157660573886

💪 Fully decentralized and open sourced
https://twitter.com/dYdX/status/1729161534524584387

🛠️ Catch up on the Full Trading Deep Dive published by the @Operations subDAO
https://twitter.com/dydxopssubdao/status/1727338402880893434

🗳️ Run it back with the dYdX Merch Black Friday Sale
https://twitter.com/dYdXmerch/status/1728811412246397307

If you want to participate in governance discussions and stay up to date with important governance updates, topics or proposals.

Visit the forum 👉 https://dydx.forum

View the thread
https://twitter.com/dydxfoundation/status/1729225432292012141

@Verified

The Foundation is hosting the 7th dYdX Community Town Hall featuring dYdX Trading, @Grants subDAO, @Operations subDAO, Chaos Labs, and Stride Protocol

The Town Hall will focus on dYdX Chain Full Trading and more

We’ll discuss:
📊 Trading Rewards and Incentive Program
⛓️ Beta Stage Recap and Full Trading
🚨 Strides Liquid Staking
👀 Exciting grants pipeline and what to look out for
👐 6 month Launch Incentive Program

When?
📅 Thursday, 30th November, 2023
⏰ 1 pm UTC

Register with the link below and add to your calendars! See you all there!
https://us06web.zoom.us/webinar/register/WN_KNVGcfGhROG3367MPP3oQA

@Verified

🚨 Vote Reminder 🚨

1.5 day left to vote!

🗳️ Should the Community Activate Trading Rewards and the 6-Month Launch Incentive Program?

Vote ends November 28, 2023, 13:21 UTC⏳
https://www.mintscan.io/dydx/proposals/2

This proposal seeks to:
1️⃣ Activate Trading Rewards by crediting the dYdX Chain Rewards Treasury Vester with 54,077,073 DYDX and setting the trading rewards constant “C” to 0.33 (and subsequently increasing it to 0.66 and .90)
2️⃣ Approve the start of the 6-month Launch Incentive Program proposed by Chaos Labs, and
3️⃣ Credit the dYdX Chain Community Treasury Vester with 172,762,268.210688518 DYDX.

Note, Seeding the Insurance Fund was removed from the current proposal, due to the following reasons:
➡️ determining the appropriate amount of DYDX to send to a third party might be contentious and may risk the current proposal failing, and
➡️ no third party has expressed interest in seeding the insurance fund at this time.

Note, only staked DYDX tokens can vote on dYdX Chain governance proposals. If a DYDX staker does not vote on a proposal, they will inherit the vote of their validator for the respective proposal.

Follow the steps in the how-to-vote guide to cast your vote 👇
https://www.dydx.foundation/how-to-vote/overview

Review and contribute to the discussion 👉 https://dydx.forum/t/drc-activate-trading-rewards-and-the-6-month-launch-incentive-program/1619

@Verified

With the Genesis Validators creating the first block on the dYdX Chain, the dYdX Forum is packed with meaningful community discussions, topics & contributions
In the Weekly Governance Recap we collate some of the highlights 🦔

💡Steven_Amber posted a new DRC in the DAO/Governance section of the forum titled; ‘[DRC] Activate Trading Rewards and the 6-Month Launch Incentive Program’
Read the proposal
https://dydx.forum/t/drc-activate-trading-rewards-and-the-6-month-launch-incentive-program/1619

👀 @Operations subDAO posted an update on the forum titled; ‘dYdX Operations subDAO Update #3’
Read the update
https://dydx.forum/t/drc-upgrade-markets-to-active-on-the-dydx-chain/1512

🤝 Stan the new @Operations subDAO Forum Admin, posted a request for input titled;
‘Introduction and Invitation for Community Input’
https://dydx.forum/t/introduction-and-invitation-for-community-input/1549

🖊️ There is updates to a post @​robomcgobo posted titled;‘Request for Comment - Governance Improvement Grants’
https://dydx.forum/t/request-for-comment-governance-improvement-grants/1441/21

If you want to participate in governance, engage in discussions and stay up to date with the latest forum topics
https://dydx.forum

Thread : https://twitter.com/dydxfoundation/status/1728066598034903368

@Verified

On-Chain Vote Started Should the Community Activate Trading Rewards and the 6-Month Launch Incentive Program?

Vote ends November 28, 2023, 13:21 UTC

Proposal 👉 https://www.mintscan.io/dydx/proposals/2

Enabling Full Trading on the dYdX Chain unlocks;
💰 Activate Trading Rewards
📊 Approving the start of the 6-month Launch Incentive Program
💼 Crediting Community Treasury

This proposal seeks to:
1️⃣ Activate Trading Rewards by crediting the dYdX Chain Rewards Treasury Vester with 54,077,073 DYDX and setting the trading rewards constant “C” to 0.33 (and subsequently increasing it to 0.66 and .90)
2️⃣ Approve the start of the 6-month Launch Incentive Program proposed by Chaos Labs, and
3️⃣ Credit the dYdX Chain Community Treasury Vester with 172,762,268.210688518 DYDX.

Note, Seeding the Insurance Fund was removed from the current proposal, due to the following reasons:
➡️ determining the appropriate amount of DYDX to send to a third party might be contentious and may risk the current proposal failing, and
➡️ no third party has expressed interest in seeding the insurance fund at this time.

Follow the steps in the how-to-vote guide to cast your vote

https://www.dydx.foundation/how-to-vote/overview

Review and contribute to the discussion 👇 https://dydx.forum/t/drc-activate-trading-rewards-and-the-6-month-launch-incentive-program/1619

@Verified

The Foundation is hosting the 7th dYdX Community Town Hall featuring dYdX Trading, dYdX Grants subDAO, dYdX Operations subDAO, Chaos Labs, and Stride.

The Town Hall will focus on dYdX Chain Full Trading and beyond!

We’ll discuss:
📊 Trading Rewards and Incentive Program
⛓️ Beta Stage Recap and Full Trading
🚨 Strides Liquid Staking
👀 Exciting grants pipeline and what to look out for
👐 CCTP & benefits for users of the dYdX Chain

When?
📅 Thursday, 30th November, 2023
⏰ 1 pm UTC

Register with the link below and add to your calendars! See you all there!
https://us06web.zoom.us/webinar/register/WN_KNVGcfGhROG3367MPP3oQA

!here

A post-mortem on the software issue and more details will be shared in the next week or so.

Given that this is affecting many participants now, here’s a quick summary:
• On 11/21, the dYdX foundation team found an issue with querying accounts. The issue was routed to the protocol team and the protocol team identified a potential vulnerability that could result in a chain halt. The details of the root-cause will be shared soon.
• On 11/22, the protocol team alerted the dYdX Ops subDAO team about the software issue. As a response, the dYdX Ops subDAO team created a private channel with a limited number of validators that have the highest voting powers. The reasoning here was to keep the vulnerability as private as possible until the issue is mitigated.
• On 11/22, the team prepared a new software version that fixes the underlying issue. However, this triggers a state migration which makes this tricky to rollout.
• After brainstorming with all the parties involved, the final decision was to only share the new software with a limited number of participants and accept the fact that validators that are not on the new binary will panic. This was a decision with many tradeoffs and it was not an easy decision to make. The main reasoning behind the decision was to move quickly while minimizing the vulnerability risk.
• To reduce the downtime for validators, the protocol team was tasked with sharing instructions how to roll-back, relaunch the software so validators can quickly be operational again shortly before the state migration.

!here

If your node encountered a consensus failure (you saw this message after the upgrade height of ):
Your node should have encountered the consensus failure due to an AppHash mismatch when committing block .
You will need to rollback your node, then restart with the new binary.
To do so, do the following steps:

1. Stop your node (if still running).


2. Run (specify your HOME dire with if applicable) to rollback to block


3. Restart your node with v2.0.0 pre-release version (https://github.com/dydxprotocol/v4-chain/releases/tag/protocol%2Fv2.0.0)


4. IMPORTANT NODE FOR THOSE USING : Do not create new directory for the upgrade.
   At the upgrade height / after the upgrade height if your node encountered a consensus failure: Expect to see the following logs indicating the upgrade succeeded

If your node was jailed: After confirming that your node was rolled-back and restarted correctly following the steps above, you will have to unjail your validator by sending an unjail transaction:

!here

If you did not experience consensus failure (you saw this message before the upgrade height of ):

1. Stop your node.


2. Restart your node with v2.0.0 pre-release version (https://github.com/dydxprotocol/v4-chain/releases/tag/protocol%2Fv2.0.0)


3. IMPORTANT NODE FOR THOSE USING : Do not create new directory for the upgrade.
   At the upgrade height you should see the following logs

!here

On 2023/11/21, the dYdX Foundation team found an issue with querying accounts. The issue was routed to the protocol team and the protocol team identified a potential vulnerability that could result in a chain halt due to an issue w the protocol. The team has prepared a state breaking change. So far, validators with 2/3+ of the V.P. have acknowledged the need for a hardfork, and the target height is The timelines that have been discussed:

1. : the new software version with the height-gated change is ready.
   a. This can be found under : https://github.com/dydxprotocol/v4-chain/releases/tag/protocol%2Fv2.0.0
   b. Note that it’s marked . That’s okay and it was intentional.


2. Around (height = ): the new binary will execute the state migration.
   After brainstorming with all the parties involved, the final decision was to only share the new software with a limited number of participants and accept the fact that validators that are not on the new binary will panic. This was a decision with many tradeoffs and it was not an easy decision to make. The main reasoning behind the decision was to move quickly while minimizing the vulnerability risk.

@Verified

Since the mainnet genesis of the dYdX Chain, over 434M ethDYDX have been bridged and over 15.66M DYDX has been Staked.

With the official launch of the Beta Stage and https://dydx.trade/ > Staking Rewards accrue to Validators and Stakers 🤝

Learn how to bridge ethDYDX to dYdX Chain DYDX, read the how-to-bridge guide
https://www.dydx.foundation/how-to-bridge

Learn how to stake to dYdX Chain Validators, read the how-to-stake guide
https://www.dydx.foundation/how-to-stake

Watch the video walk through of the guides
https://youtu.be/YYHac7hyxfY

View statistics
https://dune.com/dydx-foundation/wethdydx-bridge/b765cbb6-cf21-42d2-93b6-037329016c79

@Verified

📝 New DRC Created 📝

Amber has created a DRC titled “Activate Trading Rewards and the 6 Month Incentive Program” which contains a few proposal items to end the Beta stage on dYdX Chain.

Review and contribute to the discussion 👉 https://dydx.forum/t/drc-activate-trading-rewards-and-the-6-month-launch-incentive-program/1619

In the DRC, Amber proposes to end the Beta stage of dYdX Chain by:
1️⃣ Activating the Trading Rewards by crediting the Rewards Treasury Vester, setting the trading rewards constant (“C”) to 0.33 and subsequently increasing it to 0.66 and 0.90;
2️⃣ Approving the start of the 6-month Launch Incentive Program proposed by Chaos Labs;
3️⃣ Crediting the Community Treasury Vester based on DIP 29; and
4️⃣ Potentially seeding the insurance fund with ~1M USDC.

The Beta Stage served as a testing phase to test trading functionality on the dYdX Chain. There were no trading rewards during the Beta Stage, although staking rewards have been accruing to Validators and Stakers.

As the dYdX Chain is deemed stable, secure and reliable during the Alpha and Beta stage, therefore Amber proposes ending the Beta Stage and transition to Full Trading, with DYDX rewards distributed through Trading Rewards and the 6-Month Launch Incentive Program.

✍️ The DRC included a request for anyone interested in seeding the Insurance Fund with 1M USDC to respond to the forum post to express their intent and include:
➡️ Expected DYDX amount from the community treasury in return,
➡️ The calculation for arriving at the requested DYDX amount.