dYdX (Native) price

DYDX

#105

DYDX is distributed to users by validators on the dYdX Chain on a 1-1 proportional basis based on the amount of Ethereum-based DYDX (ethDYDX) that each user sends to the wethDYDX Smart Contract.

The allocation of DYDX is based on the allocation of ethDYDX. The allocation of ethDYDX changed since its launch on August 3, 2021 due to several governance proposals. The updated allocation of ethDYDX:

• 27.7% is allocated to Investors
• 15.3% is allocated to Employees and Consultants of dYdX Trading or Foundation
• 7.0% is allocated to Future Employees & Consultants of dYdX
• 14.5% is allocated to User Trading Rewards
• 5.0% is allocated to Retroactive Rewards
• 3.3% is allocated to Liquidity Provider Rewards
• 26.1% is allocated to Community Treasury
• 0.6% is allocated to Liquidity Staking Pool
• 0.5% is allocated to Safety Staking Pool

Source: dYdX Documentation

The wethDYDX Smart Contract enables the migration of ethDYDX from Ethereum to the dYdX Chain.

When interacted with, the wethDYDX Smart Contract would carry out the following functions in a fully permissionless and automated manner: Receive and permanently lock the ethDYDX tokens sent by the user to the wethDYDX Smart Contract; Send a wrapped version of the Ethereum-based DYDX token (“wethDYDX”) to the user on a 1-1 proportional basis on Ethereum; and dYdX Chain Validators can also read and ingest the information in the wethDYDX Smart Contract such that corresponding DYDX can be distributed to users by Validators on the dYdX Chain once there is confirmation that Step 1 above is complete and the ethDYDX is permanently locked in the wethDYDX Smart Contract.

More information about the migration of ethDYDX from Ethereum to dYdX Chain is available here.