Stakers and validators will also earn all of the newly launched chain’s fees for helping to secure the dYdX Chain.
![](https://kolkata-ff.org/wp-content/uploads/2023/10/dYdX-Chain-Launches-USDC-Denominated-Trading-Fees-1024x576.png)
After finally launching its highly anticipated blockchain yesterday, dYdX is now unveiling a unique new tokenomics scheme.
Perhaps the most notable change is that trading fees on the decentralized derivatives platform will now be denominated in the dollar-pegged stablecoin USD Coin.
Maintained and minted by Circle, USDC is a cryptocurrency that tracks the price of the US dollar and guarantees that every token is backed by a dollar equivalent in a variety of different assets, including corporate bonds and Treasuries.
The dYdX Foundation also shared with Decrypt the new role that the project’s native governance token, DYDX, will play.
As dYdX is a Cosmos-based proof-of-stake blockchain that has been optimized for speedy trading and low fees, the exchange’s governance token can now also be used for staking purposes.
This means that token holders can become validators of the DYDX chain by staking tokens themselves and securing the network. Holders can also delegate their holdings to other validators.
As an added bonus, all fees generated from trading on the platform will be distributed to validators and stakers. And, based on the platform’s financials, these payouts could be quite generous.
Data collected from Token Terminal indicates that dYdX has already amassed more than $5.6 million in fees.
Frequently asked question and answer:
Q. 1. What is the notable change in dYdX’s tokenomics scheme after launching its blockchain?
Answer: The most notable change is that trading fees on dYdX’s decentralized derivatives platform will now be denominated in the USD Coin (USDC), a dollar-pegged stablecoin.
Q. 2. What is USD Coin (USDC), and how is it related to dYdX?
Answer: USD Coin (USDC) is a cryptocurrency maintained and minted by Circle, which tracks the price of the US dollar and is backed by a dollar equivalent in various assets, including corporate bonds and Treasuries. dYdX has chosen to denominate its trading fees in USDC.
Q. 3. What role does dYdX’s native governance token, DYDX, play in the ecosystem?
Answer: DYDX is used for staking purposes in dYdX’s Cosmos-based proof-of-stake blockchain. Token holders can become validators by staking their tokens, securing the network, and even delegate their holdings to other validators.
Q. 4. How are fees generated on the dYdX platform distributed?
Answer: All fees generated from trading on the dYdX platform are distributed to validators and stakers in the network. This distribution is a part of the new tokenomics scheme.
Q. 5. How much in fees has dYdX accumulated so far, and where can I find this information?
Answer: Data collected from Token Terminal indicates that dYdX has already accumulated more than $5.6 million in fees. You can refer to Token Terminal for detailed financial information about dYdX.