dYdX launches layer 1 blockchain, validators and stakers set to receive all fees
dYdX completes the launch of its layer 1 proof-of-stake blockchain with the creation of its genesis block by chain validators. Decentralized cryptocurrency exchange dYdX has launched its layer 1 blockchain with the creation of its genesis block which will operate using native DYDX tokens. The dYdX Chain is set to distribute all fees to validators and stakers in USD Coin (USDC). This includes trading fees denominated in USDC as well as gas fees for DYDX-denominated transactions or USDC-denominated transactions. The proof-of-stake (PoS) blockchain network was built using Cosmos’ software development kit and makes use of CometBFT as its consensus protocol. Validators stake DYDX in order to secure the blockchain and carry out governance operations of the network. The launch of the dYdX Chain network itself spanned a massive number of companies: @dydx_ops_subdao coordinating genesis & launch generally + hosting indexer & frontend @dydxfoundation coordinating community governan...