The dYdX Foundation has announced the publication of the dYdX 2023 Semi-Annual Ecosystem Report, which details the accomplishments made throughout the dYdX ecosystem. 

In particular, the report details the achievements of the dYdX ecosystem for the entirety of 2023, despite the difficult market conditions.

The DYDX token, governance, dYdX DAO, dYdX Chain, international markets, and community go-to-market initiatives are some of the subjects that are investigated in this research. Notably, unique addresses holding DYDX is up 46,100.

DYDX token figures. Source: dYdX 2023 Semi-Annual Ecosystem Report

It describes how far the dYdX Foundation has come in its efforts to expand the dYdX community, encourage the growth of the dYdX protocol, and provide support for decentralized governance. In addition to this, it discusses the priorities moving ahead, such as the preparations that need to be made for the possible launch of the “dYdX Chain” (if and when it is deployed on mainnet).

The dYdX 2023 Semi-Annual Ecosystem Report details the potential use of the DYDX token in protecting and administering the “dYdX Chain” (when and if it is launched on mainnet). All choices of this kind are made by the community using the dYdX governance system.

The report highlights: 

“Currently, there are around 57+ validators participating in dYdX Trading’s v4 Public Testnet #2. The current Public Testnet block time is approximately 1.8 seconds, and there have been over 2.9 million transactions and 2.9 million bonded tokens on the Testnet.”

14 governance proposals

There were a total of 14 governance proposals this year, and this report analyzes them all (10 off-chain Snapshot votes and 4 on-chain votes). It says that for every vote, on average, 458 different IP addresses cast ballots totaling 42.6M $DYDX. 

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dYdX governance overview. Source: dYdX 2023 Semi-Annual Ecosystem Report

As the use of the dYdX v3 protocol increases, it is expected that daily trade volume will rise to around $1 billion by 2023. Over a trillion dollars’ worth of trades have been executed on the v3 platform, dYdX Trading said recently.

The growth of dYdX Foundation’s social following and presence at 10+ significant industry events are highlighted in the report.

At last, it details how Proof of Attendance Protocols (POAPs) and dYdX Quests were used to document community involvement and participation. There have been over 5,708 POAP holders, who have claimed 131 events, and a total of 55,400 quests as of August 31. 

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.