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.

AccessTimeIconMar 13, 2023 at 4:55 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC

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.

  • Meme Coin Liquidity Hits Record High
    00:46
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    16:42
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    16:39
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • 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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.