One month after going live, the dYdX chain on Cosmos reports that it has surpassed $10B in trading volume.
According to the update shared with CI, this is a key milestone for the community and considered to be a “testament” to the success of the platform.
As covered in November 2023, the dYdX Operations subDAO was pleased to announce the launch of Full Trading on the dYdX Chain, introducing new and improved trading rewards, a 6-month Launch Incentive Program proposed by Chaos Labs, and the continuation of Validators and Stakers receiving 100% of protocol fees.
Full trading has been enabled by the dYdX Community voting “to first move from the Alpha to Beta stage then move from the Beta Stage to Full Trading. BTC-USD, ETH-USD, SOL-USD, and LINK-USD markets are available for full production trading. Over the coming weeks more markets could continue to be added.”
On November 28, 2023, the dYdX community supported progressing “from the Beta Stage to Full Trading by activating Trading Rewards and the 6-month Launch Incentive Proposal.”
Staking rewards were expected to continue “to accrue to Validators and Stakers.”
Since the launch of the Beta stage (as reported in November 2023), over 1.86M total trading volume had been “generated on the platform, with approximately 14k trades and over $1,080 USDC distributed to Validators and Stakers.”
More recently, as noted in a blog post, there was an incident on dYdX v3 which reportedly involved large SUSHI and YFI price movements.
The team wanted to “provide the community with a breakdown of these activities. While no user funds were compromised, these price movements appear to be an oracle manipulation attack and dYdX Trading Inc. is exploring legal remedies against the attacker.”
Here is what the team claims to understand about the attacker’s action on dYdX v3, as well as their learnings as to how to prevent such incident going forward:
The update clarified that all of this is based on currently “available information and assessment, which may adjust as they learn more.”
Thanks to the efforts of their team, partners in the community and forensics contractors, investigative results have reportedly “uncovered the identity of the attacker and they are in contact with them.”
They may provide further updates with “relevant developments.”
dYdX claims it is “assisting law enforcement in their investigation of this matter and is assessing all legal options.”
dYdX says it is committed “to taking any legal action it deems appropriate in these circumstances.”
For more details, check here.
