dYdX 透過擴展 DYDX 代幣的實用性來改變 DeFi

自 2023 年 10 月推出 dYdX 鏈以來，DYDX 代幣已從僅限治理的資產發展成為具有質押、治理和安全等用例的多功能資產。 DYDX 代幣持有者將其代幣質押給驗證者，以確保權益證明 (PoS) 網路的安全，並以 USDC 形式接收 100% 的協議費用。此外，dYdX Chain還實施了流動性質押機制，以進一步增強網路安全性並鼓勵驗證者去中心化。由於這些舉措，DYDX 代幣的價值不斷增加，權益持有者的數量也顯著增加，這表明 DYDX 代幣在 dYdX 生態系統中的價值和效用。

dYdX Revolutionizes DeFi with Comprehensive Utility for Its Native DYDX Token

dYdX 以其原生 DYDX 代幣的綜合實用性徹底改變了 DeFi

Since its inception, the dYdX Chain has transformed the utility of the DYDX token, propelling it into a multi-faceted asset that embodies staking, governance, and security. On October 26th, 2023, the dYdX Chain and its native Layer 1 token, DYDX, were unveiled after a resounding vote of approval from the dYdX community. While remnants of the original ethDYDX tokens remain in circulation, the swift migration of 75.2% of the total ethDYDX supply to the dYdX Chain signals an emphatic shift towards the new ecosystem.

自成立以來，dYdX 鏈已經改變了 DYDX 代幣的用途，將其推動成為體現質押、治理和安全性的多方面資產。 2023 年 10 月 26 日，dYdX 鍊及其原生第 1 層代幣 DYDX 在 dYdX 社群投票通過後發布。雖然原始 ethDYDX 代幣的剩餘部分仍在流通，但 ethDYDX 總供應量的 75.2% 迅速遷移到 dYdX 鏈，標誌著新生態系統的重大轉變。

The Rise of DYDX: From Governance to Multi-Purpose Powerhouse

DYDX 的崛起：從治理到多用途發電站

The evolution of DYDX from a mere governance token to a dynamic, multifunctional asset has been nothing short of remarkable. This transformation lies at the heart of the dYdX Chain's robust security, staking, and governance mechanisms. Six months after its launch, the value of the DYDX token and the myriad ways in which users are leveraging its capabilities have come into sharp focus.

DYDX 從單純的治理代幣發展成為動態的多功能資產，其發展過程堪稱非凡。這種轉變是 dYdX Chain 強大的安全、質押和治理機制的核心。在推出六個月後，DYDX 代幣的價值以及用戶利用其功能的多種方式已成為人們關注的焦點。

On-Chain Security: Staking for a Resilient Network

鏈上安全：為彈性網路進行質押

The dYdX Chain employs a Proof-of-Stake (PoS) security protocol, requiring token holders to stake their DYDX with Validators to bolster the network's security and stability. This staking process and the decentralization of the validator set are crucial for ensuring the chain's resilience and strength.

dYdX 鏈採用權益證明 (PoS) 安全協議，要求代幣持有者將其 DYDX 與驗證器進行質押，以增強網路的安全性和穩定性。這種質押過程和驗證者集的去中心化對於確保鏈的彈性和強度至關重要。

Currently, 149 million DYDX are staked with active set validators on the dYdX Chain, accounting for approximately 14.9 percent of the total supply. The user community has embraced the benefits of staking, leading to a steady increase in DYDX staking since its October 2023 launch.

目前，dYdX 鏈上的活躍集驗證者質押了 1.49 億枚 DYDX，約佔總供應量的 14.9%。用戶社群已經接受了質押的好處，導致 DYDX 質押自 2023 年 10 月推出以來穩步增長。

To further enhance network security, mitigate the risk of malicious attacks, and promote Validator decentralization, the dYdX Community made the strategic decision to liquid-stake 20M DYDX with Stride on April 6, 2024. Under this arrangement, the Stride protocol will automatically convert staking rewards into DYDX, auto-compound USDC, and then stake the resulting DYDX to generate additional staking rewards.

為進一步增強網路安全，降低惡意攻擊風險，促進驗證人去中心化，dYdX社群於2024年4月6日做出策略決策，透過Stride質押20M DYDX。獎勵存入DYDX，自動複合USDC，然後將所得DYDX 質押以產生額外的質押獎勵。

The correlation between the number of staked tokens and network resilience, security, and attack resistance is undeniable. The collective staking efforts epitomize the community's commitment to maintaining the network's trading platform as a secure, decentralized, and intermediary-free ecosystem essential for its continued growth and prosperity.

質押代幣數量與網路彈性、安全性和攻擊抵抗力之間的相關性是不可否認的。集體質押努力體現了社區致力於維護網路交易平台作為一個安全、去中心化和無中介的生態系統的承諾，這對於其持續成長和繁榮至關重要。

Staking for Profit: USDC Rewards and Trading Opportunities

質押獲利：USDC 獎勵和交易機會

In a significant move, the dYdX Chain implemented a staking incentive mechanism upon its launch. DYDX Stakers who pledge their tokens to dYdX Chain Validators contribute to the network's security and receive 100% of the protocol's fees, paid in USDC. This mechanism not only incentivizes security provisioning but also offers Stakers tangible real-world applications.

dYdX Chain 推出後實施了質押激勵機制，這是一項重大舉措。將代幣質押給 dYdX 鏈驗證器的 DYDX 質押者為網路安全做出了貢獻，並獲得 100% 的協議費用（以 USDC 支付）。這種機制不僅可以激勵安全配置，還可以為質押者提供有形的現實應用程式。

Specifically, Stakers can seamlessly trade on the dYdX Chain using USDC as collateral or reinvest their staking profits into other cryptocurrencies or assets. To date, over $20 million USDC has been distributed to Stakers who safeguard the network. Additionally, the cumulative trading volume on the dYdX Chain has surpassed $120 billion.

具體來說，質押者可以使用 USDC 作為抵押品在 dYdX 鏈上無縫進行交易，或將其質押利潤再投資到其他加密貨幣或資產中。迄今為止，超過 2000 萬美元的 USDC 已分發給維護網路的 Staker。此外，dYdX Chain上的累積交易量已超過1,200億美元。

As of April 26, 2024, more than 18,991 DYDX holders are earning USDC rewards, and the DYDX staking APR stands at an impressive 18%, according to Mintscan. The protocol's performance has been on an upward trajectory, with over $4.5M USDC in staking rewards generated in February 2024 and $6.7M USDC in March 2024, representing a remarkable 163% and 147% month-over-month increase in the distribution of staking benefits to DYDX Stakers.

根據 Mintscan 的數據，截至 2024 年 4 月 26 日，超過 18,991 名 DYDX 持有者正在賺取 USDC 獎勵，DYDX 質押年利率達到令人印象深刻的 18%。該協議的表現一直呈上升趨勢，2024 年 2 月產生了超過 450 萬美元的 USDC 質押獎勵，2024 年 3 月產生了 670 萬美元的 USDC，這意味著質押收益分配環比增長了 163% 和 147%至DYDX 質押者。

It is important to note that staking incentives and APRs may fluctuate based on factors such as the amount of DYDX staked, network activity, and prevailing market conditions.

值得注意的是，質押誘因和年利率可能會根據 DYDX 質押數量、網路活動和當前市場狀況等因素而波動。

Achieving Full Decentralization with the dYdX Chain

透過 dYdX 鏈實現完全去中心化

The birth of the dYdX Chain marked a seminal moment in the dYdX protocol's decentralization journey. dYdX v3, its predecessor, was an Ethereum-based non-custodial hybrid Layer 2 DEX with a matching engine and a centralized orderbook. Holders of ethDYDX tokens could propose changes to specific parameters within dYdX v3.

dYdX Chain 的誕生標誌著 dYdX 協議去中心化之旅的一個重要時刻。 dYdX v3 是其前身，是一個基於以太坊的非託管混合第 2 層 DEX，具有匹配引擎和集中式訂單簿。 ethDYDX 代幣持有者可以提議更改 dYdX v3 中的特定參數。

In contrast, the dYdX Chain is a fully decentralized Layer 1 network with 60 validators operating matching engines and in-memory orderbooks. This architectural shift has empowered the community to exercise direct control over the network's governance and operations.

相比之下，dYdX 鍊是一個完全去中心化的第 1 層網絡，擁有 60 個運行匹配引擎和內存訂單簿的驗證器。這種架構轉變使社群能夠直接控製網路的治理和運作。

Conclusion: A Vibrant Future for DYDX

結論：DYDX 充滿活力的未來

The dYdX Chain has propelled the DYDX token into a multifaceted asset that embodies security, staking, and governance. The community's unwavering support for the network's decentralization efforts is a testament to their belief in the dYdX ecosystem's potential to revolutionize DeFi. With ongoing developments and a thriving community, the future of DYDX is poised to be nothing short of remarkable.

dYdX 鏈將 DYDX 代幣推動成為一種體現安全性、質押和治理的多層面資產。社區對網路去中心化努力的堅定支持證明了他們相信 dYdX 生態系統具有徹底改變 DeFi 的潛力。憑藉持續的發展和蓬勃發展的社區，DYDX 的未來將是非凡的。