The dYdX Foundation (DYDX), a decentralized finance (DeFi) protocol, has released its 2024 Semi-Annual Ecosystem Report, highlighting substantial advancements and user participation in the first half of the year, as per the latest updates shared with Finbold on July 11.

The report details significant milestones, product innovations, strategic partnerships, and overall progress that have propelled the ecosystem forward.

The growth of the dYdx network

At the beginning of the year, dYdX celebrated the October 2023 launch of its dedicated dYdX Chain, which helped move the platform from Ethereum (ETH) to a CosmosSDK-based blockchain network.

Key industry players like Binance, Anchorage, Coinbase, OKX, Crypto.com, Gate.io, and KuCoin quickly integrated with dYdX Chain, facilitating seamless user transactions.

Consequently, the dYdX Chain processed over $166 billion in trading volume within the first six months, with a daily peak of $2.6 billion and $129.9 million in open interest, and saw total value locked (TVL) soar to $135 million.

Other significant milestones included the launch of dYdX’s Android and iOS mobile apps, the introduction of 40 new markets, and the permissionless trading of new derivative markets.

dYdX community engagement

These advancements were driven by the support of the dYdX community, which staked over 210 million DYDX tokens, including 20 million from the Community Treasury.

The joint commitment was rewarded with $32 million USD Coin (USDC) in staking rewards, as well as $12 million in trading rewards and $20 million in launch incentives.

The report also delves into DYDX tokenomics, revealing that 77% of the circulating DYDX supply has been bridged to dYdX Chain.

Of 606 million tokens in circulation, 78 million are vested in the Community and Rewards Treasuries, while 160 million are vesting until June 2026.

Community governance remains robust, with 67 proposals processed, 62 adopted, and 77% validator participation.

dYdX Grants

The dYdX Grants subDAO distributed 47 grants worth over $5 million USDC to projects on the Chain.

The Foundation itself is in a strong financial position, with over $30 million secured for continued operations and a team of 21 contributors.

Looking ahead, the dYdX Foundation remains eager to build on its recent achievements, anticipating even greater advancements in the latter half of the year and beyond.