On September 16, the annual FAT Awards 2024 ceremony was grandly opened at the Conrad Singapore.
FAT is a ranking ceremony + summit forum brand founded by Odaily Planet Daily in 2020, which aims to reward the leaders and innovators of Web3 and the crypto industry, and focus on value paradigms and consensus moments. In 2024, when the crypto industry is changing with each passing day and narratives are recognized by the mainstream world, fresh narratives are surging, the ecology is flourishing, and high-quality projects are launched one after another, Odaily Planet Daily will once again start the FAT ranking selection and hold an offline ceremony.
At the event, dYdX Foundation CEO Charles dHaussy delivered a keynote speech. The following is the full transcript of Charles dHaussys live speech, edited and condensed by Odaily Planet Daily, enjoy~
dYdX protocol has high liquidity
dYdXs history dates back to 2018, and it later became one of the earliest Layer 2 protocols. Although dYdX only focuses on one type of transaction, our transaction volume has exceeded 1 trillion US dollars. Later, we decided to build our own chain and no longer rely on other peoples blockchains, which is why in December 2023, we launched the dYdX chain with other partners.
Thanks to the dYdX ecosystem and strong assets, we have reached our target trading volume in less than 1 month. According to current on-chain data, dYdXs trading volume is about 2.25 trillion US dollars. It can still accept other trading pairs, and there are currently about 140 active trading pairs on the chain, and other collaborators, which allows us to put forward more than 144 proposals and suggestions to promote the development of the chain.
Developing our own chain doesn’t mean we’re isolated. We can connect to other chains, one of which is Solana, and we’ve integrated all the markets that can be traded on Solana, and they can all be listed on dYdX, and there are now over 800 tradable markets on dYdX.
Because of the dYdX stack, any project that is not native and has been deployed on Solana can be listed on dYdX for free within 4 days, thanks to the dYdX governance mechanism. If you have a new project, you can tell the community that you want to be listed on dYdX for free. The community governance will then vote on the new project.
How we bring additional validity and liquidity to the dYdX chain
dYdXs monthly token unlocking is reduced by 75%, and we are also planning the next upgrade. There are many systems that classify themselves as DeFi. They also have DAOs, funding funds, and related activities. At the same time, they are also discussing with partners how to launch a chain like dYdX. For the existing dYdX, we are still DeFi, and there are many opportunities here.
Therefore, dYdX built a DAO for the purpose of grants, which was first launched in 2024 and allocated over $5 million in grants to areas such as community, marketing, protocols, integrations (with Keplr and Cosmos, etc.), and 47 companies that built with the dYdX chain are also among them. They are also giving back to the community - continuously bringing users and validators to the chain.
So dYdX is excited about this, and this is a phase of dYdX called dYdX Unlimited, where were pushing the amount of DeFi that should be built. And also being in this phase also means that if you want to list certain projects or proposals, it will speed up the building of dYdX.
The community will also vote next month. When users use dYdX to trade, they will be exposed to many chains in dYdX Infinity. Users can have a dedicated team to monitor different market behaviors and provide liquidity for them. Therefore, users can participate in the governance vote to decide whether transaction fees should be charged, and liquidity fees can also be charged separately.
