dYdX Foundation: Large-scale internal token transfers related to the launch of dYdX Chain will occur in the next few days

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Cointime2023/10/28 02:33

By:Cointime

dYdX Foundation has announced that there will be a large-scale internal movement of locked ethDYDX tokens held by investors and team members in the coming days. Locked tokens can be bridged from the Ethereum network to the dYdX Chain. The dYdX Foundation will continue to track the wallet addresses of locked token holders to determine if there are any transfers that violate legal agreements and will take legal action against locked token holders who do not meet requirements. The dYdX Foundation stated that wethDYDX and/or dYdX-Chain DYDX tokens received in exchange for locked ethDYDX tokens will continue to be subject to the same transfer restrictions and release schedule. Like the current locked ethDYDX tokens, locked wethDYDX tokens and locked dYdX-Chain DYDX tokens can also be bridged to other chains for voting or delegation purposes and/or staked to validators where applicable. Previously, dYdX Chain officially launched on the mainnet as an independent Cosmos Layer1. Validators created the genesis block of dYdX Chain on October 27 at 1:00 am. The dYdX Operations subDAO public bridging frontend is expected to launch on October 30. The post-genesis stages include Alpha and Beta, with the Alpha stage (expected to start on October 30) focusing on bridging, staking, and security, and the Beta stage supporting trading but without rewards. The transition from Alpha to Beta will be determined by governance voting and other factors.

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