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The dYdX community is voting on a governance proposal formalizing plans to convert its $DYDX token into a Layer 1 token ahead of the project’s appchain migration and v4 launch.
The proposal outlines plans to make DYDX the Layer 1 network token for the forthcoming dYdX Chain. The roadmap includes launching a one-way bridge allowing users to migrate DYDX from Ethereum to dYdX Chain.
The plan has garnered unanimous support so far, voting will be end on September 2. If the proposal passed, dYdX would exit the Ethereum ecosystem and launch its v4 on a Layer 1 appchain exclusively dedicated to it.
Last June, dYdX announced that its forthcoming v4 protocol will launch on a dedicated Cosmos-based blockchain. dYdX said the move will enable the launch of advanced features including a decentralized, off-chain orderbook and matching engine “capable of scaling to orders of magnitude more throughput than any blockchain.”
Learn More: What is dYdX
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