dYdX could be Expanding with More SubDAOs

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By A D

Leading crypto perpetuals exchange, dYdX has seemingly set its digits on the next big thing: the launch of SubDAOs. In order to further decentralise ecosystem management, the platform would assign several smaller DAOs (decentralised autonomous organisations) supervision duties.

dYdX currently has two SubDAOs, one for their grants program and one for its operational activities. The announcement of more DAOs on the decentralised platform comes as dYdX gears for a v4 upgrade on the cosmos blockchain. The introduction of more SubDAOs would come in right as the expiration of its operations SubDAO approaches on June 19.

SubDAOs are subgroups within the overarching DAO, enabling specific communities or interest groups to have a more focused impact on decision-making. SubDAOs allow for more granular representation, ensuring that the needs and interests of various stakeholders are adequately addressed. By allowing specific communities to govern themselves, SubDAOs encourage experimentation and innovation, potentially leading to the development of novel features, products, or improvements to the ecosystem.

the segments of dYdX DAO as shown on their web page
The dYdX DAO is powered by DYDX tokens. Image Source

dYdX is a cryptocurrency exchange known for its specialisation in perpetuals contracts. The exchange had achieved triple-digit gains in 2023, a 204% YTD (year-to-date) surge, solidifying its position as a successful player in the DeFi market. The achievement could very well be fueled by the news of dYdX’s upcoming transition from the Ethereum blockchain to Cosmos, a high-performance, interoperable blockchain ecosystem. This strategic move aims to address the scalability and congestion challenges associated with Ethereum, ensuring a smoother and more efficient trading experience for its users.

dYdX’s journey in the DeFi space exemplifies the transformative potential of decentralised finance. With its decentralised perpetuals exchange and commitment to innovation, the decentralised exchange has achieved remarkable growth and recognition. Recent developments, such as its impressive gains, migration to Cosmos, and progress toward full open-source status, highlight dYdX’s ongoing pursuit of scalability, transparency, and user-centricity. As dYdX continues to evolve and revolutionise the DeFi landscape, it remains a compelling platform for traders and investors seeking a decentralised, efficient, and secure trading experience.

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