Snapshot Vote Scheduled for Governance Proposal of the Upcoming dYdX Chain

Crypto News– The dYdX community presently engages in a governance decision, considering Wintermute’s proposal advocating the adoption of protocol version 4 and the establishment of DYDX as the primary Layer 1 token for the forthcoming dYdX Chain.

Snapshot Vote Scheduled for Governance Proposal of the Upcoming dYdX Chain

Commencing today, the voting procedure unfolds on the Snapshot platform and is slated for completion by September 1.

The dYdX Chain will be a proof-of-stake blockchain network and, as such, if and when deployed on mainnet, it will require a Layer 1 protocol token for staking to validators in order to secure the chain and for stakers of the Layer 1 token to govern the network.

Charles d’Haussy, CEO of the dYdX Foundation

Wintermute’s comprehensive proposal encompasses the creation of an Ethereum smart contract, a venture orchestrated by the dYdX Foundation. This proposed contract aims to facilitate a unidirectional, permissionless migration of DYDX tokens from the existing Ethereum network to the emerging dYdX Chain. At present, the ongoing voting activity within the Snapshot ecosystem reflects unanimous backing, notably driven by Wintermute’s substantial 10 million votes.

Should the proposal amass a favorable count of 20 million votes, it will advance into a phase known as the “long timelock” proposal, ultimately reaching its conclusive form on the blockchain.

This pivotal voting process follows a recent blog article released by the dYdX Foundation, deliberating the prospect of shifting DYDX tokens from Ethereum’s realm to a Layer 1 protocol within the Cosmos network (currently in its testnet phase) via a community-driven decision.