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Cryptocurrency News Articles
dYdX Chain's DYDX Token Unleashes New Horizons in Decentralized Finance
Apr 28, 2024 at 03:23 am
dYdX and Mallconomy Revolutionize Finance and Commerce: dYdX Chain's DYDX token, now independent from Ethereum, strengthens network security and governance. Mallconomy's V3 MallStar App pioneers decentralized commerce, empowering users and businesses through its native WOOT token, available for presale.
dYdX Chain's DYDX Token Unveils a New Era of Decentralized Finance
The dYdX token, an integral component of the dYdX Chain, has embarked on a transformative journey after transitioning from the Ethereum blockchain. This shift has bestowed upon the token enhanced functionality, expanding its role within the ecosystem.
dYdX: From Ethereum to Cosmos
On October 26, 2023, the dYdX Chain network emerged as a pivotal step in the evolution of dYdX. The network, operating on its own blockchain within the Cosmos ecosystem, has evolved beyond its initial deployment on Ethereum.
As the Proof-of-Stake (PoS) token of the dYdX Chain, built upon the Cosmos SDK and utilizing the CometBFT consensus algorithm, the DYDX token grants holders the power to validate transactions and enhance the security of the blockchain. Through delegation or becoming validators themselves, token holders contribute to the network's safety and stability. Additionally, they participate in the decision-making process by voting on critical proposals that shape the future of the dYdX Chain.
To facilitate the seamless migration from Ethereum, a one-way bridge smart contract was implemented. This bridge locked ethDYDX tokens on Ethereum and distributed their corresponding DYDX counterparts on the dYdX Chain to users. The automated nature of this process ensured a smooth transition of assets.
dYdX Staking and Security
The DYDX token empowers holders to actively participate in securing the dYdX Chain through staking. Staking rewards validators for confirming transactions, strengthening the network's overall security. As the number of staked tokens increases, the blockchain's resistance to coordinated attacks is bolstered by a broader validator base.
dYdX distributes 100% of protocol fees to stakers in the USDC stablecoin, rather than the native token. Currently, holders have staked 148.83 million DYDX, earning an annual percentage return (APR) of 17.88%.
Mallconomy: Revolutionizing Decentralized Commerce
Mallconomy spearheads a transformative approach to commerce by harnessing decentralized technologies to reimagine the way we purchase and exchange goods and services. Its mission is to empower users and businesses by reducing the reliance on intermediaries, streamlining transactions, and fostering a more inclusive shopping experience.
V3 MallStar App: The Gateway to Decentralized Shopping
The V3 MallStar App serves as the cornerstone of Mallconomy, providing a comprehensive platform for global trade. Users gain access to a vast marketplace, enabling direct transactions with vendors and eliminating the need for traditional middlemen. This platform empowers entrepreneurs and small businesses by expanding their reach and reducing overhead costs associated with conventional payment gateways.
User-Centric Approach and Community Engagement
Mallconomy places a strong emphasis on user experience and choice. The V3 MallStar App eliminates intrusive advertisements and data mining practices, allowing users to navigate the platform freely and focus on products and services that align with their interests. This tailored approach enhances user satisfaction and cultivates a sense of community within the Mallconomy ecosystem.
WOOT Token Presale: Early Adopter Advantages
Mallconomy's native token, WOOT, is now available for presale, presenting early adopters with exclusive benefits and opportunities within the ecosystem. The presale offers a unique chance to acquire the token at its base level, providing access to potential future growth and value appreciation.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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