dYdX Trading announced its transformation into a public benefit corporation, and it will no longer earn trading fee revenue.
Antonio Juliano, dYdX’s founder and CEO, highlighted this pivot by mentioning that as developers of open-source software, they want to align more closely with the community’s best interests. The change reinforces the ethos of decentralization that blockchain enthusiasts typically advocate for.
With dYdx v4, the company will no longer manage the order book, determine what new features to add, and manage the front end of its platform. The v4 dYdX chain will be run by third-party validators and entities. Users trading fees will go to the dYdX chain operators and token stakers on the network.
Juliano also disclosed although the company will no longer earn trading fee revenue, it has been very profitable over the past couple of years and has over six years runway at this point.
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