dYdX 通过扩展 DYDX 代币的实用性来改变 DeFi

自 2023 年 10 月推出 dYdX 链以来，DYDX 代币已从仅限治理的资产发展成为具有质押、治理和安全等用例的多功能资产。 DYDX 代币持有者将其代币质押给验证者，以确保权益证明 (PoS) 网络的安全，并以 USDC 形式接收 100% 的协议费用。此外，dYdX Chain还实施了流动性质押机制，以进一步增强网络安全性并鼓励验证者去中心化。由于这些举措，DYDX 代币的价值不断增加，权益持有者的数量也显着增加，这表明 DYDX 代币在 dYdX 生态系统中的价值和效用。

dYdX Revolutionizes DeFi with Comprehensive Utility for Its Native DYDX Token

dYdX 以其原生 DYDX 代币的综合实用性彻底改变了 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.

自成立以来，dYdX 链已经改变了 DYDX 代币的用途，将其推动成为体现质押、治理和安全性的多方面资产。 2023 年 10 月 26 日，dYdX 链及其原生第 1 层代币 DYDX 在 dYdX 社区投票通过后发布。虽然原始 ethDYDX 代币的剩余部分仍在流通，但 ethDYDX 总供应量的 75.2% 迅速迁移到 dYdX 链，标志着向新生态系统的重大转变。

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

DYDX 的崛起：从治理到多用途发电站

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 从单纯的治理代币发展成为动态的多功能资产，其发展过程堪称非凡。这种转变是 dYdX Chain 强大的安全、质押和治理机制的核心。推出六个月后，DYDX 代币的价值以及用户利用其功能的多种方式已成为人们关注的焦点。

On-Chain Security: Staking for a Resilient Network

链上安全：为弹性网络进行质押

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 链采用权益证明 (PoS) 安全协议，要求代币持有者将其 DYDX 与验证器进行质押，以增强网络的安全性和稳定性。这种质押过程和验证者集的去中心化对于确保链的弹性和强度至关重要。

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 链上的活跃集验证者质押了 1.49 亿枚 DYDX，约占总供应量的 14.9%。用户社区已经接受了质押的好处，导致 DYDX 质押自 2023 年 10 月推出以来稳步增长。

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.

为进一步增强网络安全，降低恶意攻击风险，促进验证人去中心化，dYdX社区于2024年4月6日做出战略决策，通过Stride质押20M DYDX。在此安排下，Stride协议将自动转换质押将奖励存入 DYDX，自动复合 USDC，然后将所得 DYDX 质押以产生额外的质押奖励。

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.

质押代币数量与网络弹性、安全性和攻击抵抗力之间的相关性是不可否认的。集体质押努力体现了社区致力于维护网络交易平台作为一个安全、去中心化和无中介的生态系统的承诺，这对于其持续增长和繁荣至关重要。

Staking for Profit: USDC Rewards and Trading Opportunities

质押获利：USDC 奖励和交易机会

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 推出后实施了质押激励机制，这是一项重大举措。将代币质押给 dYdX 链验证器的 DYDX 质押者为网络安全做出了贡献，并获得 100% 的协议费用（以 USDC 支付）。这种机制不仅可以激励安全配置，还可以为质押者提供有形的现实应用程序。

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.

具体来说，质押者可以使用 USDC 作为抵押品在 dYdX 链上无缝进行交易，或者将其质押利润再投资到其他加密货币或资产中。迄今为止，超过 2000 万美元的 USDC 已分发给维护网络的 Staker。此外，dYdX Chain上的累计交易量已超过1200亿美元。

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.

根据 Mintscan 的数据，截至 2024 年 4 月 26 日，超过 18,991 名 DYDX 持有者正在赚取 USDC 奖励，DYDX 质押年利率达到令人印象深刻的 18%。该协议的表现一直呈上升趋势，2024 年 2 月产生了超过 450 万美元的 USDC 质押奖励，2024 年 3 月产生了 670 万美元的 USDC，这意味着质押收益分配环比增长了 163% 和 147%至 DYDX 质押者。

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，质押激励和年利率可能会根据 DYDX 质押数量、网络活动和当前市场状况等因素而波动。

Achieving Full Decentralization with the dYdX Chain

通过 dYdX 链实现完全去中心化

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 的诞生标志着 dYdX 协议去中心化之旅的一个重要时刻。 dYdX v3 是其前身，是一个基于以太坊的非托管混合第 2 层 DEX，具有匹配引擎和集中式订单簿。 ethDYDX 代币持有者可以提议更改 dYdX v3 中的特定参数。

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 链是一个完全去中心化的第 1 层网络，拥有 60 个运行匹配引擎和内存订单簿的验证器。这种架构转变使社区能够直接控制网络的治理和运营。

Conclusion: A Vibrant Future for DYDX

结论：DYDX 充满活力的未来

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 链将 DYDX 代币推动成为一种体现安全性、质押和治理的多层面资产。社区对网络去中心化努力的坚定支持证明了他们相信 dYdX 生态系统具有彻底改变 DeFi 的潜力。凭借持续的发展和蓬勃发展的社区，DYDX 的未来将是非凡的。