This is the 10th edition of dYdX Epoch Review, presenting updates from the dYdX community and ecosystem. To learn more, join us on Discord, Twitter, and the Community Forums.

Epoch 9 Highlights

• Total volume on the dYdX protocol decreased to approximately $32B, with Average Daily Volume decreasing over 50% to $1.1B. Ending Open Interest decreased to $782M and Total Value Locked decreased slightly to $897M.
• 7K unique wallets earned 5.8M $DYDX through trading, liquidity provider, and staking rewards. 52K unique wallets have previously earned $DYDX rewards from retroactive, trading, and liquidity mining rewards. 22K unique wallets currently hold $DYDX and 3K unique wallets currently hold $stkDYDX.
• On April 18, the community voted in support of updating the trader rewards formula to increase the fee weight parameter from a=0.67 to a=0.8 and decrease the open interest weight parameter from b=0.28 to b=0.15.
• 44 addresses were eligible for LP rewards with the majority earned by 2 market makers. Competition in the pool is still strong. Market makers meeting the 0.25% threshold in Epoch 9 are now eligible to earn rewards in Epoch 10. 43 addresses (36 existing and 7 new) did more than =>0.25% of maker volume in Epoch 9, and thus are eligible to participate in the LP rewards program in Epoch 10.
• On May 2, the community almost unanimously voted in support of updating the LP rewards formula. As a result, the formula now includes volume at a parameter weight of 0.45 and a reduction of the parameter weighting of $stkDYDX and depth/spread to s = 0.2 and d = 0.35, respectively.
• $272M $USDC from 707 users was staked to the Liquidity Staking Pool. At the start of Epoch 10, $251M $USDC is actively staked and earning rewards. 5 market makers have borrowed $83M $USDC from the staking pool. One market maker has borrowed over $45M $USDC.
• 33M $DYDX from 2,999 users was staked to the Safety Module.
• 10.71% of the total $DYDX supply (excluding unearned Retroactive Rewards transferred to the Treasury and the $DYDX vested in the Community Treasury) is considered liquid at the end of Epoch 9.
• If you hold $DYDX and/or $stkDYDX but have no time to review proposals, gas is too expensive to vote, or you don't have enough information about potential delegates, consider delegating the proposing power and/or voting power of your $DYDX and/or $stkDYDX to one of the 9 Endorsed Delegates.
• The forum discussions and proposals continue to cover various important topics. Most notably, Parad0xprince created a thread and drafted a 4 phase research paper about the potential future structure of the dYdX DAO after V4. The phases include setting up a $dYdX Book Value Treasury (“BVT”), setting up a DAO MM pool, using $DYDX as collateral, and creating the $DYDX options vault. Separately, VK initiated a discussion about increasing the utility of $stkDYDX, improving decentralization of the dYdX protocol, and ensuring the safety of the protocol.
• dYdX Foundation announced that 14 out of the dYdX Foundation’s 205 Hedgies have found new homes with dYdX community members! Read more about it here.
• On April 16, dYdX Foundation announced the Ambassador Program. With the official launch of the Ambassador Program on May 1, 16 Ambassadors onboarded into one of the 6 Burrows: analytics, governance, media, risk analysis, student, and user onboarding.
• The dYdX Grants Program ("DGP") released over $170K in pledged funding over two rounds. So far, the DGP has released 11 rounds of grant approvals (62 grants) with over $2M in pledged funding. On May 12, the DGP announced that approvals are currently paused to preserve the remaining capital for existing commitments. The DGP is currently working on a proposal to continue operations.
• On May 10, dYdX Trading Inc. announced the public release of the dYdX iOS app. Eligible traders can trade long or short perpetual positions with up to 20x leverage, cross margining, zero gas fees, and 24x7x365 access to markets. A huge thank you to all of the iOS beta testers for their time and efforts!
• On April 19th, the initial dYdX fee holiday came to an end, but to celebrate the release of the iOS app dYdX Trading Inc. announced a second indefinite fee holiday effective on May 10.
• Epoch 9 ended on May 10, 2022 at 15:00 UTC. Epoch 9 rewards will be claimable here on May 18, at 22:04 UTC (7 days after the end of the epoch plus a 31 hour delay). Once tokens have been claimed, they can be transferred, staked to the Safety Module, or delegated to dYdX governance.

Performance Indicators

for Epoch 9 (April 12, 2022 15:00 UTC - May 10, 2022 15:00 UTC)

* No addresses were identified as wash trading during Epoch 9.

22K unique addresses currently hold $DYDX and 3K unique addresses currently hold $stkDYDX.

52K unique addresses have previously claimed $DYDX rewards from retroactive, trading, and liquidity mining rewards.

Trading Rewards

3,835,616 $DYDX were earned over the course of Epoch 9 and will be distributed to 6,546 traders. Trading rewards were distributed proportionally based on a formula rewarding both fees paid, $stkDYDX, and average open interest.

Competition in this epoch remained flat compared to the last epoch, as evidenced by a slight decrease in the traders eligible for rewards and the number of active traders. However, fees paid increased slightly compared to the last epoch.

A breakdown of the adjusted trading activity and Trading Rewards distribution can be found below:

Source: Foundation Metrics Page

dYdX Trading Inc. did not identify any Ethereum addresses that conducted clear wash trading during Epoch 9. Learn more about Wash Trading here.

On April 18, the community voted in support of updating the trader rewards formula to increase the fee weight parameter from a=0.67 to a=0.8 and decrease the open interest weight parameter from b=0.28 to b=0.15.

As an input to the Trading Rewards calculation, users’ fees paid, $stkDYDX, and average open interest were reset to 0 at the start of Epoch 10.

Learn more about the trading rewards program in our documentation, or our recent blog posts.

Liquidity Provider Rewards

1,150,685 $DYDX were earned over the course of Epoch 9 and will be distributed to 44 market makers based on a formula rewarding a combination of uptime, two-sided depth, bid-ask spreads, $stkDYDX, and the number of markets supported.

In Epoch 9, there were 44 addresses in total eligible for LP rewards. The following chart displays the rewards distribution by market maker over the course of the epoch:

Source: Liquidity Provider Rewards Dashboard

In Epoch 6, the dYdX community voted strongly in favor of reducing the LP rewards volume threshold for market makers from 1% to 0.25%.

The Foundation Metrics Page has maker volume charts to see which addresses did >=0.25% of maker volume in a given epoch:

43 addresses (36 existing and 7 new) did more than =>0.25% of maker volume in Epoch 9, and thus are eligible to participate in the LP rewards program in Epoch 10.

As an input to the Liquidity Provider Rewards calculation, market maker’s uptime, two-sided depth, bid-ask spreads, $stkDYDX, and the number of markets supported are reset to 0 at the start of Epoch 10. New market makers providing >=0.25% of maker volume in Epoch 10 will be eligible to join the pool in Epoch 11.

On May 2, the community almost unanimously voted in support of updating the LP rewards formula. As a result, the formula now includes volume at a parameter weight of 0.45 and a reduction of the parameter weighting of $stkDYDX and depth/spread to s = 0.2 and d = 0.35, respectively.

Learn more about the trading rewards program in our documentation, or our recent blog post.

Liquidity Staking Pool

$272M $USDC was staked to the pool over the course of Epoch 9 from 707 users. 383,562 $DYDX were earned over the course of Epoch 9 and distributed pro-rata every second to stakers. Despite withdrawing $100M $USDC in Epoch 9, one staker continued to stake over $100M $USDC (over 35% of the pool).

$USDC staked by address at the end of the epoch is as follows:

Source: Etherscan

37 users requested to withdraw before the Blackout Period in Epoch 9. These inactive $USDC funds can now be withdrawn and are no longer earning $DYDX rewards. Users must request to withdraw their funds before the Epoch 10 Blackout Window (last 2 weeks of the epoch) to withdraw their funds starting in Epoch 11.

5 market makers borrowed $83M $USDC from the staking pool. The maximum amount borrowed by a market maker was just over $45M $USDC. These borrowed funds are used to increase liquidity on the dYdX platform.

Source: Dune

Learn more about the trading rewards program in our our documentation, or our blog post.

Safety Staking Pool

33M $DYDX was staked to the pool over the course of Epoch 9 from 2,999 users. 383,562 $DYDX were earned over the course of the epoch and distributed pro-rata every second to stakers. The top 2 stakers account for over 25% of $stkDYDX.

$stkDYDX by address at the end of the epoch is as follows:

Source: Etherscan

At the beginning of Epoch 4, there was strong community backlash against large investors staking their locked tokens in the Safety Module. In the event of a shortfall, $DYDX staked to the Safety Module could be slashed. As a result, investors would be in default of their obligations and would be required to purchase an equivalent amount of $DYDX. While investors are technically permitted to stake their locked tokens, the dYdX Foundation requested for investors to not stake their locked $DYDX and to withdraw any $DYDX currently staked. Several large investors unstaked their $DYDX. Investors are required to comply with the transfer restrictions enforced through contractual agreements with the dYdX Foundation. The dYdX Foundation will continue to monitor investor wallet addresses and work with larger investors to ensure competitive returns from the Safety Staking Pool.

186 users requested to withdraw before the Blackout Period in Epoch 9. These inactive $DYDX funds can now be withdrawn and are no longer earning $DYDX rewards. Users must request to withdraw their funds before the Epoch 10 Blackout Window (last 2 weeks of the epoch) to withdraw their funds starting in Epoch 11.

Learn more about the safety staking pool in our documentation, or our blog post.

Community Treasury

Approximately 766,703 $DYDX vested in the Community Treasury over the course of Epoch 9. The Community Treasury now holds 31,605,833 vested $DYDX tokens.

In Epoch 5, Reverie officially launched the DGP with 752,000 $DYDX transferred from the Community Treasury to the Grants Committee multi-sig. Read more about the DGP below.

Learn more about the community treasury in our documentation.

What's next?

Epoch 9 has ended

Welcome to Epoch 10! Epoch 10 started automatically on May 10, 2022 at 15:00 UTC and will end on June 7, 2022 at 15:00 UTC.

Epoch 9 ended on May 10, 2022 at 15:00 UTC. Epoch 9 rewards will be claimable here on May 18, at 22:04 UTC (7 days after the end of the epoch plus a 31 hour delay). Once tokens have been claimed, they can be transferred, staked to the Safety module, or delegated to dYdX governance.

Circulating supply

10.71% of the total $DYDX supply (excluding unearned Retroactive Rewards transferred to the Treasury and the $DYDX vested in the Community Treasury) is considered liquid at the end of Epoch 9. These earned $DYDX tokens can be claimed in perpetuity.

Claim your $DYDX rewards

The Merkle root was proposed on-chain on May 11 at 22:04 UTC and the 7-day waiting period has begun. Epoch 9 rewards will be claimable here on May 18, at 22:04 UTC (7 days after the end of the epoch plus a 31 hour delay). Once tokens have been claimed, they can be transferred, staked to the Safety module, or delegated to dYdX governance.

The Merkle tree data, which is a list of (address, reward) pairs, is available here.

Under the hood, the Merkle Distributor smart contract (0x01d3348601968aB85b4bb028979006eac235a588) will distribute $DYDX token rewards according to a Merkle tree of balances. The tree will be updated at the end of each epoch with each user's cumulative reward balance. An update is performed by setting the proposed Merkle root to the latest value returned by the oracle contract. The proposed Merkle root can be made active after a waiting period has elapsed. During the waiting period, dYdX Governance can freeze the Merkle root, in case the proposed root is incorrect or malicious. Root updates can be unpaused by a ShortTimelockExecutor.

Governance Forums

DIP 10 (off-chain) - dYdX Trader Reward Formula Update - Passed

On April 18, Xenophon Labs created a Snapshot poll to update the trader rewards formula to increase the fee weight parameter from a=0.67 to a=0.8 and decrease the open interest weight parameter from b=0.28 to b=0.15. The vote concluded on April 19 and a majority of the community supported the proposal (8.2M $DYDX/$stkDYDX (82.5%) from 488 voters (79.5%)).

On March 28, Max Holloway | Xenophon Labs completed a grant to review the trader rewards mechanism and posted a discussion for community feedback. Read the full research paper from Thomas Cintra and Max Holloway here. The research led to many valuable findings, a few of which we have included below.

• There is a “Nash equilibrium” for the amount of fees paid by profit-maximizing traders and according to the model developed by Xenophon Labs, traders can compute the optimal amount of fees spent using the open-source code.  
• The Nash equilibrium sum of fees paid is roughly linear in the fee weight parameter, b.
• There is little evidence that incentivizing open interest has led to higher long-term protocol growth.
• The Nash equilibrium fees paid explains why we observe heightened volume at the end of each epoch. Swapping $DYDX into stable assets to be distributed as trader rewards will lead to more predictable trading volumes, more rewards participation, more protocol revenues, and more accessibility of trader rewards to smaller traders.

The community discussion highlighted the following information:

• The update to the rewards formula results in less incentive for traders to keep large open interest and more incentive to pay fees.
• Traders need to deploy less capital to optimize their trader rewards, so (1) there is less pressure to engage in risky trades to maximize rewards and (2) rewards should be more accessible to all traders.
• Some community members were concerned about the formula change resulting in (1) large traders migrating to other exchanges and (2) less incentive to hold $DYDX.

Note, an on-chain vote is not required to update the trader rewards formula and the changes outlined above and in the off-chain DIP were implemented at the start of Epoch 10.

DIP 11 (off-chain)  - A Step Towards a More Equitable Liquidity Provider Reward Structure - Passed

On May 2, Wintermute created a Snapshot poll to update the LP rewards formula to add volume at a parameter weight of 0.45 and reduce the parameter weighting of $stkDYDX and depth/spread to s = 0.2 and d = 0.35, respectively. The vote concluded on May 7 and the community almost unanimously supported updating the LP rewards formula (18.3M $DYDX/$stkDYDX (99.9%) from 539 voters (97.5%).

On April 14, Wintermute created a discussion to revise the LP rewards formula to (1) redistribute LP rewards in a more equitable manner to incentivize competition and (2) incentivize liquidity that is beneficial for the dYdX platform, “desired liquidity.” Wintermute recognized the need to revamp the LP rewards formula because LP rewards have been dominated by 2 addresses, LPs doing high shares of volume are not being rewarded equitably, and the current formula is disproportionately rewarding sub-optimal liquidity.  

The discussion included two methods to achieve the goals outlined above: (A) introduce maker volume and capped rewards (optional), as well as reduce the weight of depth, spread, and $stkDYDX in the calculation of liquidity provider rewards and (B) introduce maker volume share through an equally-weighted geometric average (“G-score”) of the proportion of Q-score and maker volume share of a given address.

On April 27, the dYdX Foundation hosted an AMA with Max Holloway (Xenophon Labs), Omer Goldberg (Chaos Labs), and Callen Van Den Elst (Wintermute) to drive consensus about the proposal. The AMA highlighted the following information:

• Chaos Labs conducted an analysis of the proposed methods and initially recommended proposal (B) the G-score as the preferred method, but further analysis revealed that proposal A distributed rewards in a more equitable manner. Also, Chaos Labs flagged that uptime should be reviewed in the future and advised the community that continuous review and iteration of the formula is necessary to ensure that the goals of LP rewards are achieved.
• The community debated a heavy (v=0.7) and lighter (v=0.45) weight allocation for volume. Ultimately, the community favored the lighter weight for volume as a less drastic and smoother transition for LPs and traders.
• The cap was excluded because (1) it introduces more complexity into the LP rewards formula, (2) it could result in LPs behaving in a less optimal manner once they hit the cap, and (3) the accessibility of rewards and desired liquidity can be achieved by introducing volume to the formula.  

Note, an on-chain vote is not required to update the LP rewards formula and the changes outlined in the off-chain DIP were implemented at the start of Epoch 10.

DGP Update

In Epoch 5, Reverie officially launched the DGP with 752,000 $DYDX transferred from the Community Treasury to the Grants Committee multi-sig. The Grants Committee, consisting of 8 committee members committed to dYdX community growth, managed a multi-sig to fund RFPs. So far, the DGP has released 11 rounds of grant approvals (62 grants) with over $2M in pledged funding. On May 12, the DGP announced that approvals are currently paused because of the recent downturn in the market. The DGP plans to preserve the remaining capital for existing commitments with grantees. The DGP is currently working on a proposal to continue operations.

In Epoch 9, over $170K in pledged funding was released over two rounds.

The two largest grants from Epoch 9 are:

• Compound DYDX Listing ($40K) - Berkeley Blockchain Club will use the funds to list $DYDX on Compound as collateral with a collateral factor of 0. As a result, dYdX users will have additional yield opportunities and extra incentive to hold $DYDX long term.
• dYdX DAO Onboarding Framework & Working Group ($40K) - Davincifi will use the grant to build the Onboarding framework that will be adopted across the dYdX DAO for growing Working Groups and participation. The grant includes a research post and the founding of an Onboarding working group to help guide growth.

Completed grants include:

• Liquidation Alert Tool - A self-hosted liquidation alerting tool to alert traders of any asset price nearing their margin liquidation levels on a dYdX position. Check out the MVP of the liquidation alert tool available here.
• DAO Organizational Structure Research - A deep dive research report around historical and existing DAO structures with guidance around successful best practices. Read more about it here.
• Tradingview Integration - Application integrating any Tradingview strategy to execute directly on dYdX Trading.
• Rewards Optimization Research and Paper - A research report and code samples that will determine optimal trading strategies for rewards maximization. Read more about it here.
• Funding Rates Page - An interactive web app to give traders a view of all dYdX asset funding rates across multiple timeframes.
• CLI Trading Tool - a tool to make it easier for non-UI based traders to execute quickly on dYdX via the API, and to allow easier integration from a programmatic standpoint. Check out the Trading CLI here.
• Trading Alerts Twitter Feed - Twitter bot that leverages API and on-chain data to post high volume trades, market volatility, new markets and more valuable insights to help promote and share information from dYdX. Follow @dYdXinfo on Twitter.
• Uganda Blockchain Events Sponsor - sponsoring several Uganda Blockchain group events to drive discussions around dYdX, perpetuals, and crypto more broadly.
• Japanese Educational Course - The creation of an interactive dYdX course in Japanese. Watch the course here.

Even though new approvals are currently paused, applications will remain open and you may reach out to Reverie to discuss future grants. Reach out and read more about the DGP here.

Delegation

On February 11, dYdX Foundation posted an open call for Endorsed Delegates. As we move towards V4, Endorsed Delegates are needed to help ensure community-led growth, development, and the self-sustainability of the dYdX protocol.

If you hold $DYDX and/or $stkDYDX but have no time to review proposals, gas is too expensive to vote, or you don't have enough information about potential delegates, consider delegating the proposing power and/or voting power of your $DYDX and/or $stkDYDX to one of the Endorsed Delegates:

• Blockchain at UCLA,
• Blockchain at Michigan,
• Mx,
• WOO DAO,
• Blockchain at Columbia,
• Xenophon Labs,
• Dartmouth Blockchain,
• Blockchain at Berkeley, or
• BoilerBlockchain at Purdue University.

If you’re interested in delegating the voting power and proposing power of your $DYDX or you want to become an Endorsed Delegate please follow the instructions here.

Hedgies Allocation

dYdX Foundation purchased 205 Hedgies to promote the growth of the dYdX protocol and governance. On February 14, dYdX Foundation posted a list of potential actions that may result in dYdX community members being rewarded with Hedgies.

We are happy to announce that 14 Hedgies have found new homes with dYdX community members! Below, we announce the recipients and the reasons why they were chosen.

1. Jamesdydx: For producing dYdX and Hedgie specific content over the past month. Jamesdydx has been very active in driving governance initiatives and onboarding new users on Discord and Twitter.
2. Oleksandr: For creating a community led dYdX Ukraine Twitter, Telegram and Medium page translating and producing regular updates and articles to onboard new Ukrainian speaking users. Oleksandr has been outstanding at helping the community in Discord
3. Kikalxd: For creating the infamous dYdX weekly recap, for being supportive with document translation into Russian and for creating Russian onboarding tutorials for new and existing users here.
4. ShippooorDAO: For creating the dYdXInfo Twitter channel.
5. Lingebar314: For leading discussion in the dYdX community and creating content for the dYdX Ukrainian community. Lingebar314 is a reputable member of the discord community and has been a long-term proponent of dYdX.
6. Parad0xprince: For drafting a thorough and well-thought out dYdX DAO restructuring proposal for V4 on commonwealth.
7. CryptoIbuki: For creating the dYdX trading view integration.
8. ModYModX: A community driven initiative to recognize ModYModX for his contributions to dYdX and the dYdX community.
9. Messari: For producing an excellent State of dYdX Q1 Report.
10. Chaos Labs: For continuing to deliver on multiple grants. Most recently, Chaos Labs created a Perpetual Funding Rate page.
11. Justin#5988: The winner of dYdX Trivia Night.
12. Spacemonkee: For providing community insights into trading on dYdX and generating an inclusive, transparent, and knowledge-sharing community on Discord.
13. Rhodan: For producing high-quality dYdX Academy content that’s being utilized by new perpetual and DEX users in DeFi.
14. Moe-L: Moe has been a longtime user of dYdX who has contributed to the creation of an educational space in the dYdX Trading channels for the community to follow.

Want to get your hands on one of the dYdX Foundation’s 170 perpetual-loving quill balls? Easy. Get active in Governance!

Ambassador Program

dYdX Foundation received a $40,000 grant to fund recruitment initiatives for an Ambassador Program.

On April 16, dYdX Foundation announced the Ambassador Program. On May 1, 16 dYdX Ambassadors were invited to onboard for Season 0 of the Ambassador Program:

Analytics Burrow

• Starkwhale
• Mackay
• Dmitry

Governance Burrow

• Mx
• NTInc
• LeMayMay

Media, Content & Marketing Burrow

• Mirrash
• JS
• Alexios

Risk Analysis Burrow

• 0xCChan

Student Burrow

• Zaid
• Felix
• Peter

User Onboarding and Education Burrow

• Alucard
• Upload
• Gabbie

Congratulations to the 16 dYdX community members that were selected to participate in Season 0 of the Ambassador Program!

Each Burrow has specific deliverables and expectations for each season. Follow weekly updates on Commonwealth to learn more about what the Ambassadors are working on.

If you were not selected in the first wave of the Ambassador Program and you are interested in working with like-minded people, have a keen interest in DAOs, and want to contribute to the dYdX community, please follow our announcements on Commonwealth and Discord for more information about the opportunities to get involved with the Ambassador Program.

Other active governance discussion threads

Parad0xprince created a thread and drafted a research paper about the potential future structure of the dYdX DAO after V4. The research paper includes 4 phases:

• Setting up the $dYdX Book Value Treasury (“BVT”) - splitting the fees accrued by dYdX protocol 95% to the BVT and 5% to a pool for MMs. The BVT introduces a swap and burn mechanism.
• Setting up the DAO MM pool - 5% of fees go the DAO MM pool to incentivize MM to provide liquidity. Also, the MM pool includes a profit-sharing arrangement between MMs and the DAO.
• $dYdX as collateral - the possibility to borrow $USDC with holders posting $DYDX as collateral. This phase enhances the DAO experience, creates a new revenue stream, and increases the utility of $DYDX.
• $dYdX options vault - $DYDX holder can put $DYDX into an options vault that will sell options once a week. MMs will have the option of buying options in bulk.

VK initiated a discussion about increasing the utility of $stkDYDX, improving decentralization of the dYdX protocol and ensuring the safety of the protocol. The community is currently debating:

• holding $stkDYDX as a mandatory requirement for a user to obtain rewards,
• additional $DYDX rewards for retail players holding $stkDYDX for a longer duration, and
• the creation of an auto-stake option for people to convert rewards into $stkDYDX.

dYdX Trading Updates

iOS App

On May 10, dYdX Trading Inc. announced the public release of the dYdX iOS app. Eligible traders can trade long or short perpetual positions with up to 20x leverage, cross margining, zero gas fees and 24x7x365 access to markets.

This is one of the first apps to be natively released by a DeFi protocol, and the dYdX Trading Inc. team was hard at work for many months. With a native mobile app, dYdX is approaching par with product offerings from leading centralized exchanges. Traders can trade and monitor their positions on the go, with a blazing-fast and intuitive user experience. Watch the demo video here and download the app here.

In total, over 200,000 people signed up for the beta program. A huge shout out to all of the beta testers - your time and efforts were greatly appreciated! After the launch of the dYdX iOS app there was community backlash regarding compensation for beta testers. In response, dYdX Trading Inc. is discussing how to best reward beta testers.

To celebrate the release of the iOS app, dYdX Trading announced a second indefinite fee holiday effective on May 10.

Hedgies

On January 26th, dYdX Trading Inc. announced the Hedgies, a 4,200-piece collection of NFTs. 2,443 Hedgies were included in the Initial Distribution. Over the next two years, the remaining Hedgies will be distributed by dYdX Trading Inc. as rewards for top-performing traders in Trading Leagues. In terms of utility, holding a Hedgie results in a one-tier increase in DYDX fee tier discount on the dYdX protocol. Explore the Hedgies on hedgies.wtf or OpenSea and follow the Hedgies on Twitter, @HedgiesOfficial.

Trading Leagues

On January 25th, dYdX announced Trading Leagues, a first of its kind product that enhances the trading experience and rewards traders with weekly prizes. Trading Leagues is a new type of competition structure that rewards elevated performance on a consistent basis. There are 5 leagues: Bronze, Silver, Gold, Platinum, and Diamond. All traders will start in the Bronze League and work their way up each week, based on performance. In addition to bragging rights, traders can compete head-to-head for top spots, Hedgies, and even cash ($USDC) prizes.

New Features

• RUNE-USD, CELO-USD, and ICP-USD Perpetual Markets are live for trading. Go long or short with up to 10× leverage, cross margining, and zero gas fees. dYdX now supports 36 Perpetual markets, with more coming soon. Read more about it here.
• Profiles are now live on dYdX! You can visit any profile by clicking on a row in any leaderboard to view a trader's 30D performance and their Hedgie holdings. Also, visit your own profile by clicking "Profile" in the main navigation page. When viewing your own profile, you'll be able to see all the base profile data along with an overview of your rewards. Read more about it here.
• To improve the mobile trading experience, dYdX Trading Inc. added a “Sign into mobile" feature that allows you to seamlessly export your keys from web to iOS via QR. Read more about it here.
• On April 19th, the initial dYdX fee holiday came to an end, but dYdX Trading announced a second indefinite fee holiday to celebrate the release of the iOS app effective on May 10.
• To increase responsiveness about language and localization issues, dYdX Trading Inc. and dYdX Foundation created the 🌎#┃issue-reporting channel on Discord.
• As a result of market volatility and the halt of the Terra Blockchain, LUNA-USD was put in close-only and on May 13, LUNA-USD Funding rate was adjusted to zero. Read more about it here.
• Want to practice your trades with no risk? Head here and practice today!
• Gasless deposits are live. The minimum threshold is $500 $USDC for your first deposit and $1,000 $USDC for subsequent deposits. Read more about it here.
• On January 25, Season 1 of Trading Leagues officially started with 4,543 traders entering the Bronze League. Enter now to win part of the weekly cash prizes. Read more about it here.
• dYdX Trading Inc. added a dashboard to the rewards data page for traders to see the rewards boost they receive for staking $DYDX. Read more about it here.
• dYdX Trading Inc. added Huobi Wallet and Coin98 as new wallet options. Read more about it here.

Social

• dYdX Trading Inc. is now @dYdX on Twitter. Follow @dYdX for all the latest news, updates, and thoughts from dYdX!
• If you love all things Hedgies and love collecting POAPs, join us for our weekly Hedgie Huddle every Wednesday at 9 PM UTC. RSVP here.
• On April 27, the dYdX Foundation hosted an AMA with Max Holloway (Xenophon Labs), Omer Goldberg (Chaos Labs), and Callen Van Den Elst (Wintermute) to drive consensus about the proposal to revise the LP rewards formula. Listen to the discussion here.
• @0xCChan, Risk Analysis Burrow Ambassador, drafted a risk report for Epoch 9. For more information about recent changes to the trader and LP rewards formulas read the full version here.
• Antonio, founder and CEO of dYdX Trading Inc., shares ideas and content in the 💭┃antonio-thoughts channel on Discord. Join the channel for more insights and information.
• @Kikalxd 🦔has been producing a weekly recap report about dYdX and the dYdX community. Read more about it here.
• @Kikalxd 🦔 released a sticker creation request form. If you want to collaborate or provide feedback about dYdX animated telegram stickers complete the form here.
• The DGP is currently paused, but please reach out if you have an idea for a future grant or any other questions. You can read more about it here or submit an application here.
• dYdX Foundation is hiring! Join us as a Country Lead, a Marketing Associate, or a Community Manager.
• Shout out to @theboringtrad3r for creating the dYdX Community on Twitter. Follow and read more about it here.
• Shout out to @Kikalxd 🦔for creating instructional videos for the dYdX community in Russian. Read more about it and watch it here.
• Shout out to grant recipient @shippooor for releasing an initial version of their Twitter bot posting dYdX order alerts/market activity updates! Follow @dydxinfo.
• The DGP and dYdX Foundation chatted with the ShippooorDAO team on the dYdX Grants Review and AMA. Listen to the discussion here.
• Corey Miller, Growth Lead at dYdX Trading Inc. was featured on DeFridays. Listen to the full discussion here.
• David Gogel, Head of Growth & Operations at dYdX Foundation, Corey Miller, Growth Lead at dYdX Trading Inc., and Vijay Chetty, Head of Business Development & Growth at dYdX Trading Inc. were featured on a crowdcast with Messari to discuss dYdX’s Q1 2022 performance. Read the transcript here or watch the discussion here.
• A new channel, #🎬┃content, was created on Discord to showcase community-created content.
• Congratulations to Justin#5988, the winner of dYdX Trivia Night!
• Make sure you RSVP to the following events: dYdX Grants Review & AMA with Nethermind and Forta, Hedgie Huddle, and Epoch 9 Review and AMA.
• Members of the dYdX Trading Inc. and Foundation teams were at DevConnect/Eth Amsterdam, the Cornell Blockchain Conference, and Crypto Bahamas.