The community of decentralized exchange dYdX has agreed to stake 20 million dYdX Chain tokens with Cosmos staking provider Stride as a security measure. dYdX founder Antonio Juliano confirmed the news of the decision on X. Notably, the volume of tokens approved for the staking exercise is valued at $60 million based on the current market value of the tokens pegged at $3.06. dYdX hit this milestone right after it announced plans to restructure operations by setting up a legal entity in the Cayman Islands. Apart from encouraging stake diversity in its community, this dYdX’s decision comes as the DEX begins to experience a sudden surge in activity and it is the result of a proposal passed on April 6. Precisely, the proposal to stake the dYdX tokens passed with 91.7% of votes in its favor out of 81% participation.
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