dYdX (DYDX) Community Vote on Whether to Upgrade the dYdX Chain to Version 8.0 is Now Live

Crypto project members will vote on whether to upgrade the dYdX Chain to v8.0 in the latest community governance proposal.

The on-chain vote, which will determine if the dYdX (DYDX) community wants to upgrade the dYdX Chain to v8.0, will conclude on Jan. 21, 2025, the dYdX Foundation announced on Jan. 17.

The proposal, put forth by the dYdX Operations subDAO, includes a dYdX protocol upgrade that will introduce permissioned keys to enhance account risk management and safety for API traders. If approved by the community, the upgrade will also remove the marketmap feature, allowing market mappers to remove non-launched markets, among other key improvements.

The Operations subDAO noted that the implementation of this critical software upgrade is dependent on the community approving the governance proposal.

The proposal timeline begins with its submission and the on-chain vote going live on Jan. 17, followed by the expected vote outcome on Jan. 21, and potential implementation on Jan. 22. The upgrade is scheduled to occur at block height 35,602,000.

Related: dYdX v4 integration brings decentralized derivatives to Aptos

dYdX is a decentralized finance trading platform that launched DEX aggregators, decentralized margin trading, and flash loans in 2018. The dYdX Chain was launched as a standalone app-chain in October 2023, with decentralization, network speed, and user experience at the core of its design. Version 8.0 marks the latest upgrade proposal for the platform.

The native token of the dYdX Chain is DYDX, which holders can stake to help secure the chain and earn protocol rewards. The L1 token is currently trading at around $1.43, up 6% in the past 24 hours.