The decentralized crypto project dYdX allows DYDX holders to delegate their voting rights to any address.
dYdX allows DYDX owners to delegate to any address they want. Even non-DYDX holders can participate in the governance of the dYdX project as a delegate. Users can delegate to only one address at a time. The number of votes equal to the DYDX balance in the delegated user’s account is transferred to the number of votes of the delegated person. The votes are delegated from the current block and subsequent blocks when the delegating user transfers their DYDX if they delegate again.
How to Delegate
The decentralized crypto project dYdX offers DYDX holders the opportunity to delegate as part of its governance developments.
In the dYdX project, users can participate in governance by delegating and give direction to the project. For this, users can use various wallets that provide delegates with the “delegate” option.
DYDX holders have the option to delegate through the governance portal or programmatically. In addition, a user with delegate power cannot transfer this delegate power to another user.
Token holders can also delegate their voting power and proposition power to different addresses. However, partial delegation is not possible in this case either.
Users who want to delegate their tokens proceed by following these steps;
- Going to dydx.community/dashboard,
- Clicking Delegate,
- Selecting the type of power you want to delegate,
- As part of the vote and/or suggestion, the wallet address of the third party to be delegated is entered.
Delegating powers does not require the transfer of tokens.
Also, delegating or withdrawing DYDXs can result in wallet holders paying ETH transaction fees due to the network structure.
Delegating DYDX with ITU Blockchain
Users can also delegate their DYDX via ITU Blockchain. In this way, users can become a part of dYdX governance. Users who want to delegate DYDX via ITU Blockchain will be able to use the following wallet (Wallet address): 0xBEC643BD5b7F5e9190617CA4187ef0455950C51C
dYdX currently stands out as the leading decentralized exchange that supports continuous futures. dYdX works with smart contracts on the Ethereum blockchain and allows users to trade without any middlemen. Supported by Paradigm, a16z and Polychain, dYdX was established on July 27, 2017 and has become one of the remarkable projects.
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