Along with usual programming we’re publishing a content series covering the dYdX ecosystem - whether you’re a crypto newbie or a double-OG, tap into the main hub for more 🔥 drops!
Today’s Menu:
Crypto Market Sentiment 🤒
Success for ENS is Great for dYdX Users🤘
dYdX Incentives 🤑
A Quick Epoch Review 🧐
Thoughts From The Founder 🤠
[4] A Quick Epoch Review 🧐
For those new to the concept of an epoch check out the glossary excerp below:
Although the most recent Epoch [8] was packed with tons of important and interesting highlights, one of our favourite segments was from the Trading Rewards section. At the core it’s a strong differentiator compared to other trading platforms and defending against bad actors who try to game the process especially at the expense of others is difficult for any single user. However, the dYdX Trading Inc team are aggressive on this to cover our backs. As seen over the last month, trust in the stewards of a protocol is super critical.
They flagged 14 addresses guilty of wash trading and not only excluded them from receiving rewards but their trading data was also scrubbed off as a means to prevent other traders’ rewards being diluted. It’s great to see that despite the huge growth efforts and bearish market sentiment the protocol continues to keep its users wellbeing at the forefront so they can continue to trade with confidence. Check out the full rundown here:
[5] Thoughts From The Founder 🤠
As you may have noticed already, the founder of dYdX has committed to a goal of consistently sharing high quality thoughts on strategy in a public format. Let’s take a closer look at one of those items and consider the implication on YOU the user.
Antonio posits that in a winner-takes-most market, protocols/DAOs must spend aggressively and effectively in order to succeed. He cites ride sharing, social networks and fintech as markets where this has been demonstrated by venture backed businesses.
The idea that a community run protocol should commit resources aggressively to the aims of its existence is fantastic for the end user. This is because the incentives at play align with maximizing the quality of the product so that existing users remain and new users have plenty of reasons to onboard. Many protocols simply die, stop innovating or grow at a snail’s pace because they don’t have a strong enough incentive structure to aggressively and effectively deploy resources to directly improve their product.
The improve-the-product-by-all-means-available tone from the heart of the protocol is great to see. It’s no surprise that there are countless touchpoints within the community where innovation can emerge, get backed and potentially improve the overall product experience. As a user/owner, this is a powerful community to be part of as if there is merit in feedback, initiatives or suggestions it’s taken into consideration.
If you missed the previous dYdX publication hit the link below and have a read ✌️