dYdX Foundation Releases 2024 Semi-Annual Ecosystem Report, Highlights Advancements and User Participation

The dYdX Foundation (DYDX), a decentralized finance (DeFi) protocol, has released its 2024 Semi-Annual Ecosystem Report, highlighting substantial advancements and user participation in the first half of the year

DeFi protocol dYdX Foundation (DYDX) has unveiled its 2024 Semi-Annual Ecosystem Report, showcasing substantial growth and user participation in the first half of the year, according to the latest updates shared with Finbold on July 11.

The report provides an in-depth analysis of key milestones, product innovations, strategic partnerships, and overall progress that have propelled the ecosystem forward.

dYdX network expands: As the year began, dYdX celebrated the launch of its dedicated dYdX Chain in October 2023, marking a significant shift in the platform's architecture. The move entailed migrating from the Ethereum (ETH) network to a CosmosSDK-based blockchain.

This development enabled the rapid integration of dYdX Chain with major industry players such as Binance, Anchorage, Coinbase, OKX, Crypto.com, Gate.io, and KuCoin, ensuring optimal user experience for trading.

Throughout the first six months, the dYdX Chain processed over $166 billion in trading volume, with a daily peak of $2.6 billion and $129.9 million in open interest, respectively. The chain also witnessed a surge in total value locked (TVL), reaching $135 million.

Other notable milestones included the launch of dYdX's Android and iOS mobile applications, the introduction of 40 new markets, and the permissionless trading of new derivative markets.

dYdX community involvement: The report highlights the remarkable support extended by the dYdX community, with over 210 million DYDX tokens being staked in total, including 20 million from the Community Treasury.

This collective participation was rewarded with $32 million in USD Coin (USDC) staking rewards, along with $12 million in trading rewards and $20 million in launch incentives.

Furthermore, the report sheds light on DYDX tokenomics, revealing that 77% of the circulating DYDX supply has been bridged to dYdX Chain.

Out of the 606 million tokens in circulation, 78 million are vested in the Community and Rewards Treasuries, and 160 million are vesting until June 2026.

The report also highlights the robust community governance, with 67 proposals being processed, 62 being adopted, and 77% validator participation.

dYdX Grants and Foundation update: The dYdX Grants subDAO played a pivotal role in distributing 47 grants to projects on the Chain, amounting to over $5 million USDC.

The Foundation itself boasts a strong financial foundation, having secured over $30 million for continued operations and a team of 21 contributors.

As the year progresses, the dYdX Foundation anticipates building upon its recent achievements, aiming for even greater advancements in the latter half of the year and beyond.

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