Axelar's Galen Moore provides a front-row seat to changes afoot at dYdX as the popular decentralized trading platform builds on Cosmos.
. With this purpose-built blockchain for dYdX come three more salient developments: 1) decentralizing the dYdX orderbook and matching engine, 2) allowing permissionless addition of new market pairs and 3) distributing transaction-fee revenue to token holders.
If permissionless market-pair additions work as intended, dYdX could go from being among the slowest exchanges to add new pairs to being among the fastest, providing opportunities to attract users from centralized competitors.Like many cryptocurrency exchanges, including both DEXs and centralized venues, dYdX uses both rewards and fees. Users pay fees per trade and receive rewards in the dYdX token, which in this function acts like a loyalty point.
In the future, it will be up to on-chain governance to determine that ratio – and holders of the dYdX token will be the ones receiving fee revenues. “No central party will have the ability to receive trading fees on dYdX v4,” the core team promised“I think people don't realize how lucrative dYdX is and how rare that is in crypto,” said Qiu. “You can go to the top 500 coins and you can look at the coins that actually generate revenue. There might be five.
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