dYdX v4 Governance Guide
dYdX v4 includes an on-chain governance module, but how does one participate?
As part of its standalone app-chain, dYdX’s newly launched v4 includes on-chain governance that’s provided by the Cosmos SDK.
This (x/gov) module allows holders of the native DYDX token to vote on proposals. (Note that 1 Token = 1 Vote.)
Proposals on dYdX governance may adjust the chain’s parameters, such as:
- Adding/removing markets
- Adjusting a live market’s parameters
- Fee schedules
- Trading rewards mechanics
Apart from voting, the Cosmos-SDK governance module also hosts other features, including:
- Proposal submission: This allows participants of on-chain governance to submit proposals with a token deposit. Once a pre-determined minimum deposit is reached within a certain period, the proposal enters a voting period. The deposit may be reached by the collective efforts of multiple participants.
Note: The voting period on dYdX v4 proposals is currently set at four (4) days, and the percentage needed to veto a proposal is 33.4%.
- Claiming deposit: Participants that made proposal deposits can recover these deposits. But only if the proposal was accepted or rejected. If the proposal was vetoed, or if the minimum deposit was not reached within a specific time frame, the deposit is burned.
- Inheritance: Participants that have staked their tokens to validators can still vote on dYdX proposals. They can also allow their validators to vote on their behalf.
“So how do I participate in dYdX v4 governance?”
Step 1: Go to https://dydx-migration.mintscan.io/ and connect to your MetaMask.
Step 2: Click on the “Governance” tab and choose which proposal to vote on.
Step 3:
Select how you would like to vote, and confirm your vote transaction.
Step 4: Check your vote status.
What is Cøsmostation?
Cøsmostation is a dYdX Chain genesis validator and a key player in the Cøsmos ecosystem, providing invaluable infrastructure legos essential for scaling and onboarding users onto blockchain networks. Cøsmostation also bootstraps networks and onboards end-users.
Stake DYDX with Cøsmostation to help secure the dYdX Chain and get staking rewards.
dYdX v3 to v4 Migration
Still trading on dYdX v3 but want to migrate to v4?
Follow these simple steps to migrate to the new standalone app-chain.
Mintscan
Moreover, Cøsmostation offers its own blockchain explorer, Mintscan. It provides insightful interactions with chain data across various networks and also features a user-centric design, with transparency placed at the core of its ethos.
