Crypto News– The forthcoming proposal, set for a vote tomorrow morning, revolves around the adoption of dYdX’s Version 4 (V4) and the migration of DYDX tokens to the dYdX chain. The voting process is slated to conclude on September 2nd, potentially steering the future course of the dYdX ecosystem.
Transitioning from dYdX V4 to dYdX Chain for Advanced Innovations!
Introduced by Wintermute, the proposal delineates a multi-pronged strategy. Firstly, it proposes the embrace of the open-source dYdX V4 as the upcoming iteration of the dYdX protocol, underscoring the project’s steadfast commitment to perpetual innovation.
Secondly, the proposal strives to establish DYDX as the primary Layer 1 (L1) token within the dYdX chain, solidifying its pivotal role within the ecosystem. One of the particularly striking facets of the proposal lies in its intention to construct a decentralized, permissionless, and unidirectional cross-protocol bridge linking the DYDX chain with the dYdX chain. This bridge holds the potential to unveil novel avenues for seamless interaction between these two chains.
Additionally, the proposal accentuates the vital role of nodes in verifying the dYdX chain. These nodes would be mandated to refer to a designated smart contract for the equitable distribution of DYDX tokens on the dYdX chain.
Wintermute has bundled several interconnected propositions together. Proposals 1 through 4, which do not necessitate modifications to existing smart contracts, will be presented as a unified snap vote. This consolidation is attributed to the substantial overlap in the subject matter of these proposals.
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