There was an important vote for an altcoin in the cryptocurrency world today. Accordingly, dYdX made its decision. Big voting now paves the way for independent blockchain. Let’s look at the details together.
The game-changing land in the altcoin world
There is a significant move from the community of dYdX (DYDX), a major decentralized cryptocurrency exchange. Accordingly, as an important development, it concluded a critical vote of great importance for investors. This proposal, initiated by crypto market maker Wintermute, has a consequence. Accordingly, the altcoin highlighted very important decisions on the dYdX platform. On September 4, it received almost unanimous support, with nearly 36 million votes in favor and just 43 against.
DYDX is now officially planned to be the base token of the dYdX Chain 🤝 https://t.co/Q31uCWFkVz
— Antonio | dYdX (@AntonioMJuliano) September 3, 2023
The approved proposal marks a major shift for altcoin dYdX, which is preparing to migrate from the Ethereum (ETH) network to the proprietary Layer-1 (L1) network. For the new network, dYdX chose to use the test chain within the Cosmos (ATOM) ecosystem. Additionally, altcoin DYDX will serve as its native cryptocurrency.
Version 4: a new era for dYdX
Known as “Version 4,” this transition will establish a more independent blockchain infrastructure for dYdX. Also, as stated in the proposal, altcoin dYdX foundation will develop an Ethereum-based smart contract. This innovation will enable seamless and unauthorized transfers from the Ethereum network to the upcoming dYdX chain.
On the other hand, altcoin dYDX is taking center stage. Making a statement following the conclusion of the voting, dYdX founder Antonio Juliano confirmed that DYDX will be the primary token of the new dYdX chain. This decision solidifies the important role of cryptocurrency in shaping the future of the platform.
A bold step towards independence
The successful vote demonstrates the community’s commitment to advancing the dYdX ecosystem. On the other hand, it reflects the pursuit of greater independence through blockchain infrastructure. The move to its own private network represents a crucial milestone for altcoin dYdX and its investors. As the cryptocurrency world continues to evolve, dYdX’s move to build its own blockchain network is significant. It positions it as a pioneer in decentralized finance (DeFi).
Investors and enthusiasts will closely monitor the development of this exciting startup. To sum up, dYdX’s latest vote signals a major shift towards independence and innovation in the DeFi industry. On the other hand, with DYDX poised to play a central role in the new dYdX chain, the stage is set for an exciting future in the world of decentralized cryptocurrency exchanges.
