DYDX, the token native to dYdX Chain, has undergone significant changes since its launch, morphing from a simple governance coin to a versatile asset in just six months.

Initially introduced alongside dYdX Chain in October 2023, DYDX started as a governance token, following the earlier launch of ethDYDX in August 2021. However, in September 2023, the dYdX community opted to make DYDX the primary token of dYdX Chain, leading to the creation of a bridge allowing ethDYDX holders to convert their tokens.

Presently, more than 75% of ethDYDX tokens have been swapped for DYDX, leaving about 247 million ethDYDX in circulation. This transition has marked a milestone in the evolution of DYDX.

Staking has emerged as a pivotal feature of the dYdX Chain, with over 18,900 users staking DYDX to earn rewards, totaling $20 million distributed thus far. Approximately 149 million DYDX, equating to 14.9% of the total supply, is staked on the dYdX Chain, offering an annual yield of 18%.

Recently, the dYdX community greenlit a proposal to liquid-stake 20 million DYDX, aimed at bolstering network security and decentralization. This move showcases the community's commitment to fortifying the platform against potential threats while maximizing yield opportunities.

With over $120 billion in cumulative trading volume and a surge in staked assets, the dYdX Chain is gaining momentum. Community engagement is thriving, evidenced by the initiation of 55 governance proposals, highlighting active involvement in shaping the network's future.

In summary, DYDX has transcended its original role, evolving into a multifaceted asset within the dYdX ecosystem. Its journey of growth exemplifies the dynamic nature of decentralized finance, paving the way for further innovation and community-driven development.