DYdX Exchange Started Distribution of Management Tokens

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The dYdX decentralized exchange has begun distributing governance tokens. It was planned that the staking pool would be launched at the same time, but an error was found in the contract code.

The dYdX developers planned to launch a “secure staking” pool, with the help of which users who blocked DYDX tokens in it would receive income in the same tokens. However, an error was found in the smart contract, so the pool was locked.

At the same time, the new exchange management system does not allow to quickly “patch” the error – an update with a fix for the problem must go through the approval procedure from the token holders. Developers noted:

“The staking pool architecture is designed in such a way that the deposited funds are blocked for at least one epoch (28 days). Considering that the update is due to be approved within the next week, user funds are not at risk, and the first stakers will be able to withdraw tokens at the right time. ”

DYDX is already listed on most major exchanges including Binance, Huobi and OKEX. The distribution of tokens significantly increased the fees in the Ethereum network, gas reached 400 Gwei. At the time of publication, DYDX tokens are trading at $ 13.5.

Recall that the dYdX developers plan to distribute 7.5% of tokens among the site users who have made at least one transaction. However, not all users will be able to claim DYDX tokens. For example, residents of the United States and some other jurisdictions will not be able to obtain them.


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