dYdX Protocol Embraces Layer 1 with DYDX Token Transition

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The dYdX derivatives protocol’s governance system has approved a proposal to transition to version 4 and adopt DYDX as the Layer 1 token for the project’s own blockchain. The proposal, initiated by Wintermute, received 36 million votes from 392 addresses, with minimal opposition. The project plans to migrate the DYDX token from Ethereum to a Layer 1 appchain in the Cosmos ecosystem, including the development of an Ethereum smart contract overseen by the dYdX Foundation.

dYdX Protocol Embraces Layer 1 with DYDX Token Transition

BitGo, a crypto custodian located in California, has formed a strategic business deal with South Korean Hana Bank. The agreement involves security solutions, technology partnerships, and the possibility of a joint venture. In 2024, Hana Bank will contribute to the growth of custody services. The agreement comes after BitGo raised $100 million at a value of $1.75 billion. Hana Bank manages $448 billion in assets and is actively involved in the Bank of Korea’s central bank digital currency Proof of Concept initiative.

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