This forum post intends to serve as a temperature check before creating a proposal to list $cDYDX on Compound.
We are Blockchain at Berkeley - a student organization that is a delegate for both the dYdX and Compound protocol. Full disclosure we received a grant from dYdX DAO to list $DYDX governance token on decentralized exchanges. We hold no $DYDX that is not a governance delegation nor hold any positions on the dYdX platform or Compound platform.
The dYdX protocol has allowed for perpetual trading on Ethereum since going live in July 2021. It is one of the leading- if not the leading- blockchain-enabled derivatives trading platforms. dYdX leverages StarkEx as a layer2 solution to settle orders. Currently, dYdX operates on a centralized order book but is set to fully decentralize its operations via the V4 upgrade scheduled for Q4 2022. dYdX has been growing and decentralizing methodically- the DAO is extremely active and currently decentralizing development through the ambassador program. 2022 is a big year for the protocol - you can read about their roadmap here.
$DYDX is the governance token for the dYdX protocol - it was originally minted August 2021. $DYDX has most of its liquidity concentrated on Uniswap V3 - So updating the Uniswap Anchored View contract to support Uniswap V3 oracles is a necessity before this asset listing occurs. $DYDX issuance occurs in the form of platform rewards.
Below are some notable stats about token liquidity
- Traded on Binance, Okex, Coinbase, and FTX.
- 24hr volume: $100m
- DEX liquidity: Uniswap v3 $900k, Sushiswap $200k
- Uniswap V3 7d volume $900k
- Notable: The treasury holds 5% of minted $DYDX.
- FDV: $1.7B
We want to open the floor to any concerns that may arise regarding this asset listing proposal. We will deploy $cDYDX with a 0% collateral factor and 25% reserve factor. We’ve already deployed $cDYDX on Ropsten test network - the contract can be viewed here
We appreciate community feedback. Please vote yes in this poll if you would support bringing this proposal to vote (with neccessary modifications).
- Yes
- No
0 voters