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.