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DYdX Passes Vote to Reduce Trading Rewards by 45%, Sending Token Up 29.89%
The DYDX token is up by 121% since the turn of the year.
DYDX token, the native token of the decentralized exchange of the same name, has surged by 29.89% on Monday after a governance vote to reduce trading rewards by 45% passed.
The proposal, which received over 25 million votes in favor compared to five million votes against, is aimed at increasing the amount of tokens in the protocol's rewards treasury. A decision on what happens to those tokens to be determined at a later governance vote.
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DYDX is currently trading at $2.44 after surging from a 24-hour low of $1.87, according to CoinDesk data. And while the entire cryptocurrency market has experienced a boost today following a short squeeze, DYDX has outperformed the major crypto assets bitcoin and ethereum.
The token has experienced a bullish year so far, rallying by 21% on a single day in January after a decision was made to delay a planned token unlock. It has risen by 121% since the turn of the year.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
