dYdX closes transaction reward reduction proposal – Token of the same name “climbs up” again

The proposal to reduce trading rewards on the early derivatives trading platform dYdX has officially come to an end.

dYdX closes transaction reward reduction proposal – Token of the same name “climbs up” again

Propose writes, dYdX wants to change the trading reward from 2.88 million DYDX to 1.59 million tokens (a 45% reduction). The purpose of this initiative is to add to the protocol’s reward treasury and curb annual token inflation.

The author states:

“In the framework of V4 Vanguard Post, we propose to reduce trading rewards by ~45%. In the midst of the current market downturn, we believe that trading rewards are still excessively high and are the biggest contributor to year-to-date token inflation.”

According to the published results, there were more than 25 million votes in favor of the proposal, over 5 million votes against. The organization will continue to vote afterwards to decide what to do with the tokens.

Voting results for reducing forum trading rewards

“Most importantly, the retained DYDX will have a significant impact on the DAO’s sustained and controlled funding of V4 initiatives.”

DYDX, the token of the decentralized exchange of the same name, gained nearly 30% after the governance vote was passed. From the beginning of the year until now, especially after The project decided to postpone the vesting token unlocking schedule to December, DYDX had an impressive growth of 121%. At the time of writing, this token is trading around the $2.38 mark, about 6% from the price range of the previous 24 hours.

1D graph of the DYDX/USDT pair on Binance at 09:10 AM on March 14, 2023

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