description
Overview of the dYdX Chain and the DYDX token.

🤝 Introduction

dYdX Chain

The dYdX Chain is a proof-of-stake blockchain network built using the Cosmos SDK and leveraging CometBFT for consensus. The software was fully audited by Informal Systems and open-sourced by dYdX Trading Inc. ("dYdX Trading").

The dYdX Chain open-source software was deployed and the first block of the dYdX Chain was created by the dYdX Chain validators on October 26, 2023, at 17:00 UTC.

The dYdX community voted in favor of the dYdX Unlimited upgrade on November 9, 2024.

DYDX Token

DYDX is the dYdX Chain's Layer 1 token, as adopted by the dYdX community, through dYdX governance (Snapshot and on-chain).

DYDX, the dYdX Chain's L1 token, serves three key purposes: Staking, Security, and Governance.

1. Staking: DYDX holders have the option to serve as validators (and self-delegate) or to delegate their stake to existing validators. Such delegation increases the likelihood of the chosen validators entering or staying in the active validator set, thereby becoming a participant in the network’s consensus process.
2. Security: Staking DYDX directly contributes to dYdX Chain security. As more DYDX holders choose to stake their tokens across a diverse range of validators in the network and the total amount of stake on the network increases, it becomes increasingly difficult for a coordinated attack to influence a consensus decision.
3. Governance: DYDX empowers DYDX holders to propose and vote on proposals, directly influencing the evolution of the dYdX Chain through a democratic process. The subject matter of proposals can vary from changing a governable parameter on the dYdX Chain, spending dYdX community funds, and updating the software that dYdX Chain nodes are running, among other things.

dYdX Unlimited

Learn more about dYdX Unlimited.

{% embed url="https://docs.dydx.community/dydx-unlimited" %}

Token Migration

Learn more about the DYDX token migration from Ethereum to the dYdX Chain:

{% content-ref url="migration-of-dydx-from-ethereum-to-dydx-chain/migration-and-bridge-overview/" %} migration-and-bridge-overview {% endcontent-ref %}

{% content-ref url="migration-of-dydx-from-ethereum-to-dydx-chain/wethdydx-and-wethdydx-smart-contract.md" %} wethdydx-and-wethdydx-smart-contract.md {% endcontent-ref %}

{% content-ref url="migration-of-dydx-from-ethereum-to-dydx-chain/token-comparison.md" %} token-comparison.md {% endcontent-ref %}

{% content-ref url="dydx-dydx-chain/x-bridge-module.md" %} x-bridge-module.md {% endcontent-ref %}

How to Bridge Guide

{% embed url="https://www.dydx.foundation/how-to-bridge/overview" %}

*** Last Updated as of November, 2024.