The dYdX Foundation announced that a community vote on whether the cryptocurrency project can upgrade the dYdX chain to version 8.0 has now begun.

On-chain voting, through which dYdX (DidexThe community will decide whether the dYdX series can be upgraded to version 8.0, and it will end on January 21, 2025, the dYdX Foundation said in an official statement. advertisement.

the an offerpresented by the dYdX Operations subDAO, outlines an upgrade to the dYdX protocol that will introduce permissioned keys to enhance account risk management and safety for API traders. If approved by the community, the upgrade will also remove the market map feature, allowing market map designers to remove unreleased markets, among other key improvements.

According to Operations subDAO, implementation of this critical software upgrade is contingent on community approval of management's proposal.

The proposal's timeline begins with its submission and on-chain voting on January 17, followed by the expected vote result on January 21, and potential implementation on January 22. The upgrade is scheduled to take place at block height 35,602,000.

dYdX is a decentralized finance trading platform that introduced DEX aggregators, decentralized margin trading, and flash loans in 2018. The dYdX chain launched as an independent app chain in October 2023, with decentralization, network speed, and user experience at its core. His design. Version 8.0 represents the latest upgrade proposal for the platform.

The native token of the dYdX chain is DYDX, which holders can stake to help secure the chain and earn protocol rewards. The L1 token is currently trading at around $1.43, up 6% over the past 24 hours.