Decentralized exchange dYdX entered beta mainnet for its layer-1 on Tuesday, enabling USDC staking rewards for the proof-of-stake blockchain.
The move drew criticism from Crypto Twitter personalities who painted dYdX staking as too friendly to insiders. Staking rewards are being paid out two weeks before a large set of tokens will be unlocked for dYdX founders, investors, employees and consultants. And the supply of locked tokens vested for dYdX insiders can still be staked and earn rewards.
The project’s founder maintains that dYdX is a long-term actor and is not seeking short-term gains.
Once a layer-2 decentralized exchange (DEX) for perpetual swaps, dYdX is shifting to its own…
Read more on Blockworks