2024

DeFi

Stride

USDC

<p>A game-changer resolution made by the governance community in the secure DeFi platform dYdX in cooperation with decentralized derivatives exchange is the assignment of the largest portion of treasury funds, which goes to reinforce the security of the platform. Therefore, before it, <a href="https://www.cryptopolitan.com/stride-dydx-staking-collaboration-network/">dYdX Community</a> will put up $60 million worth of 20 million dYdX Chain tokens in collateral with Stride, a Cosmos system provider for staking purposes.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The dYdX community has voted to stake part of the treasury<br><br>The yield from fees generated will be continuously used via Stride to buy DYDX which will be returned back to the treasury</p>— Antonio | dYdX (@AntonioMJuliano) <a href="https://twitter.com/AntonioMJuliano/status/1776982841860960303?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This initiative builds the economic viability of the group while nurturing a more diverse set of stakeholders within the network. The decision was resoundingly voted for, an approval rate of 91% among participants, and came to light as a clear indication of the community’s unshakable attention to the platform and determination towards its continuity.</p> 
<h2 class="wp-block-heading" id="uncertainties-and-diversification-of-economic-base">Uncertainties and diversification of economic base</h2> 
<p>This essential financial transaction serves one core purpose which is to fortify the financial strength of the dYdX network. This is aimed at creating a self-sustaining and long-term business model. The locked-up tokens are supposed to provide USDC to revenue which will, in turn, be automatically re-invested by buying even more dYdX tokens.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/7 The stDYDX flywheel is now turning 🫡<br><br>The <a href="https://twitter.com/dYdX?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@dYdX</a> community is now:<br>• Auto-compounding USDC rewards into DYDX ➰<br>• Staking across the dYdX validator set to bolster network security 🛡️<br>• Accumulating DYDX in its treasury 🏦<br><br>Initiated trustlessly via a governance vote 🧵👇 <a href="https://t.co/VDm1cBARty" rel="nofollow" target="_blank">https://t.co/VDm1cBARty</a> <a href="https://t.co/wXmpS1UL9V" rel="nofollow" target="_blank">pic.twitter.com/wXmpS1UL9V</a></p>— Riley | Stride (@interchainriley) <a href="https://twitter.com/interchainriley/status/1776992293750538455?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This feedback loop mechanism is built to ensure a continued ‘bi-directional force’ vital for the future growth and perpetuation of the network’s economy and the token’s value. In regards to this strategy, Antonio Juliano, the founder of dYdX explained this by illuminating the ongoing use of the fees to repurchase the DYDX tokens which are thereafter kept in the treasury and as such, strengthen the economic base of the site.</p> 
<p>The identity and the interest of communities of place also have to get full recognition from the officials in the management of the natural resources through democratic consensus and planning.</p> 
<p>It had every reason to be a difficult decision to take out this portion of $60 million from the treasury as it was a thoroughly weighed decision. It employed a democratic procedure, with the 21% and 81% respectively representing the ‘YES’ and ‘NO’ votes. The tremendous trust of the community manifested itself in the form of 91% support.</p> 
<h2 class="wp-block-heading" id="stride-s-initiative">Stride’s initiative</h2> 
<p>Stride’s view on this project is vital. In the army of other staking service providers offering various incentives, one of the benefits of this partnership proposal is lower fees— which can be the decisive factor in consolidating the coin. By eliminating the fees, Stride has shown its dedication to the dYdX project and the goal to grow its participation in the project. The objective is to make them wealthier and for them to feel more engaged. This partnership sets the tone for the way collaboration between different stakeholders may also evolve as the core idea in the cryptosphere that everybody should have the same goal and become an example for other decentralized communities and independent by nature systems to follow.</p> 
<h2 class="wp-block-heading" id="conclusion">Conclusion</h2> 
<p>The network participants’ willingness to place most of the fund’s resources into the system shows a perfect indicator for a system security, regardless of how you’ll looking in the scope of both short- and long-term time frames. This brings to the attention the local economy and interactive participation, hence, the efficiency of the regional governance is strengthened. The trend in the evolving platform, nevertheless, is a fundamental aspect that may provide a bright scenario for the future of the platform from the perspective of the diversified and high competition of the decentralized finances. However, this is indeed what holds the key to the success of the entire platform.</p> 
<p><strong>Note</strong>: The news was sourced from tweets of representatives of dYdX and Stride Platforms.</p>

DYdX Community Casted an Outlawing Vote in a Cushion of $60 Million Stake

Table of Contents

Cryptopolitan_News

Другие статьи, опубликованные 9 апр. 2024 г.

Chinese police investigate developers of Filecoin’s second-largest defi protocol STFIL

Analyst Shares His Top RWA Crypto Picks As BlackRock Launches A Tokenized Fund

OP Reverted from 200-Day EMA; Can Bulls Pick Momentum Ahead?

Three Cryptos Set to Recreate the 100x Dogecoin (DOGE) Pump That Created Millionaires in 2021: Pe...

Crypto Whales Are Gravitating Towards These Low-Cost Altcoins With Massive Growth Potential

OKX Ventures Backs Zeus Network, Elevating Cross-Chain Communication on Solana and Bitcoin

Join our free newsletter for daily crypto updates!