🌙 dYdX Tokenomics Scrutinized

As the perpetual swaps chain began sharing fee revenue with stakers, some took issue with the feature coming weeks before a major unlock and allowing locked tokens to be staked.

Author

Mike Gavela
November 15, 2023

Crypto Roundup - Nov 15

In the evolving cryptocurrency market, decentralized exchange dYdX launched its layer-1 blockchain amid criticisms about its staking rewards and insider token unlocks, reflecting a trend towards optimizing transaction efficiency. The SEC extended its decision on Grayscale’s Ethereum Futures Trust to January 2024, indicating ongoing scrutiny over cryptocurrency ETFs. Meanwhile, CertiK's security vulnerability claim regarding the Solana Saga phone was refuted by Solana Labs, emphasizing it as a user-controlled feature. These events highlight the complex interplay of technological innovation, regulatory challenges, and security in the cryptocurrency industry.

Top Stories:

  • dYdX Enters Layer-1 Blockchain: dYdX, a decentralized exchange, has entered beta mainnet for its layer-1 blockchain, enabling USDC staking but faces criticism over its tokenomics and timing of staking rewards.

  • SEC Postpones Grayscale ETF Decision: The SEC has delayed its decision on Grayscale’s Ethereum Futures Trust to January 1, 2024, amid growing interest in spot bitcoin and ether ETFs.

  • Solana Saga Phone Security Concerns: CertiK's claim of a bootloader vulnerability in the Solana Saga phone was refuted by Solana Labs, emphasizing the feature's security protocols and user control.

TOP STORIES

dYdX tokenomics scrutinized as staking goes live

Decentralized exchange dYdX entered beta mainnet for its layer-1 on Tuesday, enabling USDC staking rewards for the proof-of-stake blockchain. 

blockworks.co/news/dydx-staking-goes-live

SEC postpones decision on Grayscale’s proposed ETH ETF rule change

Bloomberg analyst James Seyffart posted on X that the SEC's delay of the 19b-4 filing was not “remotely surprising.”

blockworks.co/news/sec-delays-grayscale-etf-decision

Solana denies ‘security threat’ to Saga phones following CertiK video

Solana's Saga phone was released in April of this year, having been designed to pair Web3 with smartphones.

blockworks.co/news/solana-saga-phone-vulnerability

FUNDRAISES

OTHER HEADLINES

Nexus wants to solve liquidity fragmentation between zk ecosystems

Nexus uses zk-SNARKs to enable tokens to be easily transferred between one zero-knowledge rollup to another.

blockworks.co/news/nexus-liquidity-fragmentation

DeFi Rebounds as Aave v3 Loan Volume Spikes to Record - The Defiant

Aave v3 hit an all-time high in daily assets borrowed, DEXs had their best week since March and TVL is at the highest since June.

thedefiant.io/defi-rebounds-as-aave-v3-loan-volume-spikes-to-record

Circle Ventures invests in Sei to expand USDC ecosystem

Circle Ventures, the venture arm of the stablecoin issuer Circle, invested in Sei to expand the USDC ecosystem.

www.theblock.co/post/263163/circle-ventures-invests-in-sei-to-expand-usdc-ecosystem

Why Coinbase is backing six Tornado Cash users’ ‘impossible’ case against the feds

Coinbase supports next phase in long shot bid to undo Tornado Cash sanctions.

www.dlnews.com/articles/regulation/tornado-cash-users-appeal-ruling-with-backing-of-coinbase

CRYPTO TWITTER (X)

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