The dYdX Chain will allocate all accrued fees to its network validators and stakers, in addition to expanding the capabilities of the DYDX token on the version 4 platform.
As of yesterday at 1:00 PM EST, the dYdX Chain’s alpha mainnet became operational, with validators creating the genesis block. This marked a notable phase transition for the decentralized derivatives platform.
In a latest update, the dYdX Foundation confirmed the expanded usability of the DYDX token in version 4, highlighting its critical role in strengthening network security and management. The token will be deployed to network validators, and all protocol fees – including both USDC trading fees and DYDX-denominated gas fees – will be passed on to these validators and stakers.
USDC collected fees
A spokesperson for the dYdX Foundation clarified that the chain’s security incentives would not be dependent on token inflation as seen in other blockchains; instead, it will be funded through fees collected in USDC and distributed to validators and stakers.
The compensation distribution mechanism is managed through the Cosmos x/distribution module, providing an efficient system for allocating fees on the network. This is to ensure that fees are more evenly distributed among validators and stakers.
Tokens must be staked to be used in the blockchain’s governance system. Validators receive voting rights from tokens staked with them, unless the token owner decides to vote on a proposal themselves.
The activation of the dYdX alpha mainnet marks the first phase in the transition to dYdX version 4 and the new community-managed Layer 1 blockchain. The dYdX Chain is built on the Cosmos SDK and uses the CometBFT consensus algorithm.
In the current alpha phase, the mainnet is mainly focused on stress testing the network and onboarding validators. Another beta launch is planned, pending approval by a community board vote, which will eventually enable trading on the network.
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