TL;DR;

• Bridging and Staking continue to be of paramount and critical importance,
• Beta Stage - Front-End & Indexer operational for trading
• Trading Fees will accrue to Validators and Stakers
• 33 Markets added to test 🎉
• The transition to the Beta Stage is subject to a dYdX Chain community governance proposal

We are currently in the Alpha Stage. There are 136,114,110 ethDYDX that have been sent to the wethDYDX bridge, and 3.51m DYDX bonded to Validators of the dYdX Chain. The initial volume of ethDYDX that has been sent to the wethDYDX bridge is encouraging and continues to increase daily. Additionally, the volume of staked DYDX continues to increase, highlighting positive early adoption. Importantly as more and more DYDX is bonded to dYdX Chain Validators this helps to stabilize and secure the chain. 

Our recent blog post, ‘the dYdX Chain has launched,’ discussed the importance of two critical stages: Alpha and Beta. Bridging and staking continue to be of paramount and critical importance. DYDX holders could prioritize these activities to help secure and stabilize the dYdX chain. The applicable dYdX community should evaluate the timing of the transition to the Beta Stage.

Beta Stage

The Beta Stage, known as the testing period for active trading, is dependent on a sufficient amount of DYDX staked to Validators of the dYdX Chain, amongst other factors. To progress from the Alpha to the Beta stage, the dYdX community should monitor dYdX Chain data from publicly available dashboards and tools such as mintscan. Note, that the transition to the Beta Stage is subject to a dYdX Chain community governance proposal.

What does the Beta Stage include?

• Trading functionality introduced
• Introduction of 33 Markets
• Trading Fees will accrue to Validators and Stakers
• Markets transition from post-only to active
• Full access to Perpetual Order Types 
• Up to 20x leverage

The Beta Stage is intended to provide a trading experience for users of the dYdX Operations subDAO user interface. There will be no trading rewards during the Beta Stage. However, trading fees will accrue to Validators and Stakers. This period is intended as a testing phase to fully explore the dYdX Chain’s functionality.

Should the dYdX Chain protocol software prove to be stable with minimal bugs and issues, the applicable dYdX governance community may then consider initiating trading rewards and transitioning from the Beta Stage to Full Trading, subject to a governance vote.