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The dYdX community has voted to approve the "V4 Adoption & DYDX Token Migration to dYdX Chain" proposal initiated by Wintermute.
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. In return for bridging, users will receive wethDYDX which will have the same governance and utility functions as Ethereum-based DYDX on dYdX v3.
Last June, dYdX announced that its forthcoming v4 protocol will launch on a dedicated Cosmos-based blockchain.
Despite the bear market, dYdX has been maintained a open interest above $250M throughout this year, according to data from TokenInsight.
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