TL;DR;

• Full Trading is a significant milestone for users of the dYdX Chain 🎉
• Staking Rewards + Trading Rewards + 6-months Launch Incentives Program = Full Trading 💥
• The transition from the Beta Stage to Full Trading is subject to a dYdX Chain governance vote to enable Trading Rewards and start the 6-month Launch Incentive Program!
• The dYdX v3 governance community voted in favor of migrating ethDYDX in the Rewards Treasury, the Community Treasury, and the respective Vester contracts to the dYdX Chain,
• 33 live markets with protocol rewards for traders on dydx.trade, and
• Bridging and Staking continue to be of paramount and critical importance.

The dYdX Chain is currently in the Beta Stage. So far, 433,341,294 ethDYDX (43% of total supply) have been bridged to the dYdX Chain via the wethDYDX Smart Contract, and 14,075,274 DYDX have been bonded to Validators, contributing to the security of the network. Since inception, traders have deposited $300,000 USDC in collateral, while trading volumes and trading fees totaled ~$1.65M and ~$650, respectively. The Beta Stage was purposeful in testing out active trading flows and exploring trading functionality without the extra incentives of trading rewards. Trading, USDC deposits, and DYDX staking activity are gradually increasing on the network.

Our recent blog post, ‘dYdX Chain Beta Stage - Deep Dive,’ highlighted the importance of rigorously testing trading functionality and the ongoing importance of bridging and staking for DYDX holders. These efforts are crucial for securing and stabilizing the dYdX Chain. 

Full Trading

Recently, the dYdX v3 governance community voted in favor of migrating ethDYDX in the Rewards Treasury, the Community Treasury, and the respective Vester contracts to the dYdX Chain. This decision marks a significant milestone for the dYdX Chain and its users and prompts a discussion about the timing for Full Trading implementation. 

Full Trading encompasses Staking Rewards, Trading Rewards, and the 6-month Launch Incentives Program proposed by Chaos Labs. This is a massive step toward full enablement of the dYdX Chain and its capabilities. Traders can look forward to maximizing their strategies and earning from both Trading Rewards and Launch Incentives. The Launch Incentives program was designed and approved by the dYdX v3 governance community to motivate and facilitate the seamless flow of trading volume and users to the dYdX Chain.

What does Full Trading include?

• Trading Rewards - Trading on the dYdX Chain yields DYDX
• Staking Rewards - Validators and Stakers earn USDC
• Launch Incentive Program - To kick start early adoption, $20m of DYDX will be distributed as part of the Launch Incentive Program over 6 months
• 33 Live Markets
• All protocol fees accruing to Validators and Stakers
• Full access to Perpetual Order Types

Remember, trading rewards will be activated, staking rewards will continue, and the 6-month Launch Incentive Program will commence upon a successful governance vote on dYdX Chain to move to Full Trading. Note any distribution of DYDX under the Launch Incentives Program will require a dYdX Chain governance proposal. This is the final step in what has been a successful Alpha and Beta Stage thus far. If the applicable dYdX Chain governance community deems the dYdX Chain stable and the rigorous testing of the Beta Stage complete, they could consider progressing with the proposal to initiate Full Trading on the dYdX Chain.