Foundation secures $8 million in funding for expediting expansion of cryptocurrency ecosystem provided by dYdX.
The dYdX Foundation, an independent not-for-profit headquartered in Zug, Switzerland, has announced the launch of its highly anticipated $8 million grant program. This initiative aims to accelerate the development and growth of the dYdX ecosystem over the next 12 to 18 months.
The program's primary objectives are threefold:
- Infrastructure, tools, and security systems: Enhancing platform scalability, security, and interoperability with other DeFi protocols.
- Ecosystem expansion: Supporting developers, researchers, and community growth through grants and incentives.
- Cutting-edge research and development: Aligning with Ethereum upgrades and advancing technology in decentralized finance.
The grant program, managed by a new subsidiary, dYdX Grants Ltd., replaces the former Grants DAO model. This change is designed to ensure greater transparency, efficiency, and alignment with long-term protocol goals. The new structure also promises faster execution, lower overhead, and tighter alignment with the objectives of the dYdX protocol.
Meanwhile, in the world of crypto, Bitcoin is on the cusp of entering the euphoria phase, according to an on-chain analyst. However, a potential Bitcoin meltdown due to a black swan risk has also been predicted. Crypto derivatives have an annualized trading volume of over $25 trillion, while DeFi derivatives are currently under one-percent of that figure.
Elsewhere, SwaggyX.com has launched the first AI-powered web 3.0 prediction platform for crypto, sports, and global events. The platform aims to provide accurate predictions and insights, potentially revolutionizing the prediction market industry.
In other news, Remittix has announced the launch date of its beta web3 wallet. The company has also raised over $18.7 million in presale funds, indicating strong investor confidence in its vision.
On a less positive note, JPMorgan Chase has faced a situation where an employee accidentally unfreeze scammer's stolen money, resulting in a loss for an Arizona couple. This incident underscores the ongoing challenges in the financial sector and the need for improved security measures.
Lastly, ECM Coin's founder, Tanvirul Islam Prince, is working on the future of e-commerce through blockchain. His latest project, FLOKI's Valhalla MMORPG, has been featured on US television with a 60-day national commercial blitz.
As for Coinbase, CEO Brian Armstrong has addressed the UK ban of Coinbase commercial, stating that the ad was a statement about the financial system not working for many.
In the realm of partnerships, NODO and Momentum have partnered to deploy AI-driven vault strategies on the Sui Network. These collaborations are expected to drive innovation and growth in the DeFi sector.
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