dYdX Trading Transit Into Public Benefit Corporation

dYdX Unveils Migration of its ERC Token to Upcoming dYdX Chain

Decentralized exchange dYdX Trading is making waves in the world of blockchain and DeFi as it recently announced its transformation into a public benefit corporation, heralding a significant shift in the way it operates. 

In a bid to further align with the interests of its community, the platform has decided to waive trading fee revenues for its upcoming v4 platform.

The decision to transform into a public benefit corporation represents a major pivot for dYdX, which had previously operated as a Corporation in Delaware.

While the platform can still generate profits, its primary objective is no longer exclusively tied to maximizing shareholder value. 

This realignment with the broader public interest aligns seamlessly with dYdX’s vision of democratizing access to financial opportunities through open-source software.

Antonio Juliano, dYdX’s visionary founder and CEO, emphasized the importance of this shift, stating that as developers of open-source software, they aim to better serve the interests of their community.

Juliano also revealed that this transition is a significant milestone towards their ultimate goal of complete decentralization, with their much anticipated dYdX Chain poised for release soon. 

One notable aspect of this transformation is the platform’s decision to waive trading fee revenues for its v4 platform, scheduled to be launched in the coming weeks.

The v4 platform is currently in its test net phase and will be launched on dYdX’s proprietary Cosmos-based blockchain: the dYdX Chain.

The decision comes in contrast to actions by competitors like Uniswap, which recently announced a 0.15% fee on trading select tokens.

However, dYdX will still earn revenue from prior versions. Juliano anticipates a significant migration to v4 once launched but noted the company has a 6-year financial runway regardless. 

Version 4 of dYdX is currently in testnet, with a mainnet launch planned in the coming weeks. 

The upgrade will be deployed on the proprietary dYdX Chain, a Cosmos-based blockchain built to support the exchange’s expansion. With v4, critical exchange functions like managing order books will transition to third-party validators and entities.

The shift for dYdX aligns with its updated mandate as a public benefit corporation to consider all stakeholders, not just shareholders. As Juliano stated, “As developers of open-source software, we want to align as closely as possible with the community’s best interests.” 

Also Read : dYdX To Launch Decentralized Order Book Exchange On Cosmos

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