Boost

Stride

when

Foundation

Security

<h4>To protect dYdX’s DEX, the community decided to vote to stake $20 million worth of their native token, $DYDX. </h4> 
The <a href="https://www.altcoinbuzz.io/?s=staking" target="_blank" rel="noopener">staking</a> approach is famous for preserving a platform against security threats. Let’s discover why the Dydx community took this decision. 
<h5>Overview</h5> 
The <a href="https://x.com/dydx?s=21" target="_blank" rel="noopener">DYdX</a> community handles the decision to use <a href="https://www.stride.zone/" target="_blank" rel="noopener">Stride’s</a> staking services on Cosmos Blockchain. During the vote, with 81% of participants, 91% supported a stake of $20 million worth of dYdX. This approach of casting votes proves how decentralized the dYdX governance model is. dYdX is helpful to the community in many ways. For example, users trade perpetual futures contracts with it. 
On the other hand, <a href="https://www.dydxdao.info/" target="_blank" rel="noopener">dYdX DAO</a> oversees the governance activities of dydx. You can propose ideas, vote for upgrades, and make protocol decisions via the DAO. The DAO governance aligns with dYdX’s goal of running a community-driven trading experience. Now, via the dYdX DAO, its community proposed to stake $20 million to improve its security. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f5f3.png" alt="🗳" class="wp-smiley" style="height: 1em; max-height: 1em;"> dYdX Community Staking (Community Spending Proposal) 
 The dYdX community has voted in support of transferring 20M DYDX from the Community Treasury to the Community Pool Interchain Account on the dYdX Chain to be liquid staked with Stride. <a href="https://t.co/AdKrQzqJiz">pic.twitter.com/AdKrQzqJiz</a> 
 — dYdX Foundation <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f994.png" alt="🦔" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@dydxfoundation) <a href="https://twitter.com/dydxfoundation/status/1777638910161547294?ref_src=twsrc%5Etfw">April 9, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This means that when a platform is safe, it makes its community, users, and potential investors can have trust in the platform.&nbsp; 
<h5>Impact of Staking $20 Million on Security</h5> 
There will be a boost in security, encouraging the community to diversify by staking. The staking approach is a good use of funds, like a regular staking system. According to dYdX founder <a href="https://x.com/antoniomjuliano/status/1776982841860960303?s=46" target="_blank" rel="noopener">Antonio MJuliano</a>, ‘ the yield from fees generated will be continuously used via Stride to buy DYDX.’ The fees generated will accumulate and be returned to the treasury. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 What does this proposal mean for the decentralization and security of the dYdX Chain? 
 Through this proposal, the dYdX Community has staked 20M DYDX from the Community Treasury to 26 validators (out of 60) through Stride liquid staking protocol.<a href="https://t.co/Peh4OmcmnY">https://t.co/Peh4OmcmnY</a> 
 — dYdX Foundation <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f994.png" alt="🦔" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@dydxfoundation) <a href="https://twitter.com/dydxfoundation/status/1777638913286213948?ref_src=twsrc%5Etfw">April 9, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Staking the <a href="https://www.coingecko.com/en/coins/dydx-chain" target="_blank" rel="noopener">dYdX token</a> is one way of protecting the DEX against malicious activities. The act of staking prevents the possibility of disrupting network operations. In <a href="https://www.dydx.foundation/blog/good-practices-for-dydx-chain-validators-and-stakers" target="_blank" rel="noopener">Dydx network</a>, a staker with one-third of the total voting power can halt on-chain activities. If contenders were to get two-thirds of the voting power, they could get away with user and community funds. 
The whole process of voting to stake $20 million is to ensure security. The platform prioritizes the security of your assets over anything. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-large wp-image-123701" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1024x127.jpg" sizes="(max-width: 696px) 100vw, 696px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1.jpg 1197w" alt="" width="696" height="86"></a> 
<div class="youtube-embed" data-video_id="l_wOCW2jd-k">
 <iframe title="Unveiling 3 Hidden Altcoin Gems of Web3 Gaming 💎" width="696" height="392" src="https://www.youtube.com/embed/l_wOCW2jd-k?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h6>Disclaimer</h6> 
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. 
The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/dydx-votes-to-use-20m-from-treasury-for-security-boost/">Dydx Votes to Use $20M From Treasury for Security Boost</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

Dydx Votes to Use $20M From Treasury for Security Boost

Altcoin Buzz

Другие статьи, опубликованные 9 апр. 2024 г.

The AI-Based Smart Contract Audit Firm "Bunzz Audit" Has Officially Launched

Insights into Web3 Ecosystem and Crypto Market Trends in March 2024

BlackRock, Fidelity Trusts Have Outperformed 99.9% of All ETFs

Top Analyst Names 3 Tokens That Could Double or Triple in Value Next Week Before the Bitcoin Halv...

Bitcoin’s Steady Climb Above $70,000: Five Factors Fueling Its High Stance

Crypto Analyst Unveils Top Altcoins For Biggest Returns This Cycle

Join our free newsletter for daily crypto updates!