coinedition.com
Yesterday, DYDX Foundation, an independent not-for-profit layer two protocol, released its 2022 ecosystem annual report, capturing its performance and achievement through the widespread bear market.
In 2022, the dYdX protocol processed a cumulative volume of $466.3 billion from 33,900 traders, and the total fees for these transactions were over $137 million. Additionally, it received 521 grants applications, approved 17% of which 69% have been completed.
dYdX also significantly succeeded in growing its social presence within the crypto communities. Its Discord community grew by over 390%, while its Twitter followership increased by 62%. Also, its workforce increased from a three-person team to 12 full-time employees plus seven other contract staff.
DYDX Foundation noted in the annual report that it would launch version four of its mainnet this year. Additionally, there were over 82 million votes in favor of dYdX publishing a DAO playbook and opening a fiat bank account.
Notably, dYdX is the governance token for the eponymous non-custodial decentralized crypto exchange. According to CoinMarketCap, dYdX aims to facilitate the operation of layer two and allows traders, liquidity providers, and partners to contribute to the protocol’s future as a community.
The coin has a relatively large market share of over $377 million. Its 24 hours trading volume increased by over 125% as crypto traders bought and sold $297,909,676 worth of dYdX tokens. According to CoinMarketCap data, dYdX hit an all-time high of $27.78 three weeks after launch in September 2021. dYdX currently trades at $2.42, with about a 5% increase in the past 24 hours.