The decentralized derivatives exchange dYdX’s native token DYDX surged over 21% in the last 24 hours, and nearly 67% over the past week following the official launch of live trading on the dYdX Chain on November 13th.
DYDX is the 67th biggest cryptocurrency, with a market cap of $766 million. This place it significantly higher than its competitor PancakeSwap (CAKE) with its current market cap of $636 million.
The beta launch enables active trading across 33+ perpetual swap markets after governance approved changing markets from post-only to active trading. Users can now trade up to 20x leverage across a range of crypto assets.
While no trading rewards are enabled during the beta stage, validators and stakers will accumulate trading fees. The progression from beta to full trading with rewards will be contingent on a future governance vote.
This beta launch marks a major milestone for the dYdX Chain following the alpha launch in early October. The team emphasized beta serves as a critical testing phase for replicating live active trading environments.
DYDX traders cheered the beta going live, evidenced by the 67% seven-day price surge. However, the team cautioned users to be vigilant when trading larger sizes until stability is proven over an extended period.
The beta launch also represents a revenue-generating moment for the budding dYdX Chain ecosystem. As activity grows, validators and stakers will earn a larger share of trading fees. To reinforce network security ahead of expanded usage, token holders are encouraged to stake DYDX with validators.
Provided there are minimal issues or bugs, governance may soon propose activating trading rewards and progressing to full trading activation pending another community vote. The dYdX team promised continued transparency by publishing network statistics and updates.