DYdX Passes Vote to Reduce Trading Rewards by 45%, Sending Token Up 29.89%
The DYDX token is up by 121% since the turn of the year.
Mar 13, 2023 at 4:55 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/236FCMYE75BXHO7WFOT72REYNY.jpg)
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DYDX token, the native token of the decentralized exchange of the same name, has surged by 29.89% on Monday after a governance vote to reduce trading rewards by 45% passed.
The proposal, which received over 25 million votes in favor compared to five million votes against, is aimed at increasing the amount of tokens in the protocol's rewards treasury. A decision on what happens to those tokens to be determined at a later governance vote.
DYDX is currently trading at $2.44 after surging from a 24-hour low of $1.87, according to CoinDesk data. And while the entire cryptocurrency market has experienced a boost today following a short squeeze, DYDX has outperformed the major crypto assets bitcoin and ethereum.
The token has experienced a bullish year so far, rallying by 21% on a single day in January after a decision was made to delay a planned token unlock. It has risen by 121% since the turn of the year.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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