The dYdX Foundation remains resilient despite a turbulent market, as evidenced by its recently released 2023 Semi-Annual Ecosystem Report. At the heart of this report is the DYDX token, which serves as a pivot for numerous initiatives such as the dYdX governance and the potential backups for the imminent “dYdX chain”.
Going Deeper: Validators, Governance, and Volumes
The foundation’s commitment to innovation is evident. The report reveals that a total of 57 validators are currently participating in the dYdX Trading Public Testnet v4. This testnet has seen remarkable activity, with an impressive 2.9 million transactions and an equivalent number of linked tokens.
Governance is a recurring theme in this report, with the upcoming V4 release. This year, 14 governance proposals have been highlighted, a mix of 10 off-chain Snapshot votes and 4 on-chain votes. An average of 458 distinct IP addresses expressed their votes, totaling 42.6 million DYDX tokens per vote.
Engaging with the Ecosystem: Events and POAPs
The dYdX Foundation is not just about numbers and tokens. Their growing social presence, marked by active participation in over 10 major industry events, underscores their commitment to community building. Their innovative approaches, such as Proof of Attendance Protocols (POAPs) and dYdX Quests, provide a structured way to document and celebrate community involvement. 5,708 POAP holders have marked their presence at 131 events, while 55,400 quests have been undertaken as of the end of August.
