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Exchange dYdX evolves from beta to full trading, strengthening decentralized trading

Fast Take
  • dYdX incentive program promises $20 million in rewards.
  • DYDX token shows volatility after launch, but maintains investor interest.
At first, the DEX dYdX platform surpasses Coinbase in trading volumes
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Decentralized cryptocurrency exchange dYdX has taken a big step by exiting beta and now embarking on the full trading journey. This move, enthusiastically received by the dYdX community, marks a significant milestone in evolution of the platform, which previously carefully went through the Alpha and Beta phases. The move, which took place on November 28, is a testament to dYdX's steady growth and robustness in the crypto ecosystem.

During the Beta phase, the platform not only showed its resilience but also recorded an impressive trading volume, reaching around $1,86 million. This number is not only a reflection of users' confidence, but also an indication of the potential of the dYdX cryptocurrency exchange in the market.

As full trading begins, there is palpable anticipation among the platform's validators and stakers that they will continue to accrue rewards. Additionally, a six-month incentive program, designed by Chaos Labs, accompanies this launch. This program is a strategic initiative to foster activity on the dYdX chain, promising to distribute a total of US$20 million in rewards to active traders who participate in various activities on the platform.

However, it is important to highlight that the distribution of these rewards is still pending approval by the dYdX community, a process that underlines the platform's commitment to decentralized governance and the active participation of its users.

The platform's native DYDX token has also been a significant point of interest for investors. After its launch, the token saw a spike in value, reaching over US$26, before suffering a devaluation. At the time of publishing this news, ETHDYDX price was trading at $3,26, seeing an increase of 4%.

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This development at dYdX is a clear example of the ever-evolving dynamics of cryptocurrency market, demonstrating how new technologies and strategies can influence both markets and communities.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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