dYdX put 20 million dYdX tokens, worth about 60 million USD, into staking with Stride's service.

dYdX brings 60 million USD tokens to Stride staking

The dYdX decentralized derivatives community has approved a proposal to stake 20 million DYDX tokens, approximately 60 million USD at current prices, with the Stride platform. This initiative aims to increase network security and diversify the project's asset portfolio.

According to confirmation from dYdX, the platform has staked 20 million DYDX in the top 26 vallidators on Stride.

dYdX Community staked 20M DYDX from the community treasury to 26 validators via Stride (from a total active set of 60), increasing the $DYDX bonded rate to 13.7% https://t.co/l3xNiClOG4

Significantly reduces the top 10 validator concentration to ~60% and enhances… pic.twitter.com/JHNEBnhfX3

Interest from staking activities is calculated in USDC, which then automatically accumulates more DYDX for participants. dYdX founder Antonio Juliano explained that the interest generated will be continuously used to buy DYDX and returned to the project treasury.

In a vote with 81% of voters participating, the proposal was passed with a support rate of 91%. However, there are still some people who disagree, saying that this decision could reduce the annual yield (APY) of dYdX, making this token less attractive in the eyes of investors. new.

The dYdX community has voted to stake part of the treasury

The yield from fees generated will be continuously used via Stride to buy DYDX which will be returned back to the treasury

— Antonio | dYdX (@AntonioMJuliano) April 7, 2024

On the other hand, Stride welcomed this proposal and proposed to only charge a fee of 7.5%, a 2.5% reduction compared to the normal fee of 10%.

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