The community of decentralized exchange dYdX has agreed to stake 20 million dYdX Chain tokens with Cosmos staking provider Stride as a security measure. Meanwhile, InQubeta or (QUBE), which is a fast-rising AI powered cryptocurrency, is becoming a buzzword in the market, hence the emergence of a new era where AI and blockchain technologies will complement each other.
dYdX Trading Surge Necessitates New Staking Move
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. the token hit this milestone right after it announced plans to restructure operations by establishing 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 outcome 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.
“The rate of DYDX being staked to validators has reached a plateau, and deposits to the exchange are growing at a tremendous pace. Over $140M USDC is held in dYdX v4, of which roughly $100M arrived in the past week,” dYdX identified.
Staking Makes dYdX More Secure, USDC Rewards Attract Participants
However, staking its token is a way for the token to safeguard its network from a potential control attack. Moreover, this according to innovators is akin to a 51% attack where a malicious entity gains control over a significant amount of a blockchain’s hashing power and exposes the network to manipulation.
“Since the voting power today is $456M, a malicious actor must contribute at least $912M in staked DYDX to take control of the protocol, which would allow them to exploit user deposits and community assets,” dYdX explained.
The dYdX community has voted to stake part of the treasury
The yield from fees generated will be continuously used via Stride to buy DYDX which will be returned back to the treasury
— Antonio | dYdX (@AntonioMJuliano) April 7, 2024
Based on the design, the staked dYdX tokens will earn rewards in United States dollar-pegged stablecoins USDC. Over time, it would be compounded into the tokens, thereby creating a flywheel effect for stakers. On the other hand, “the yield from fees generated will be continuously used via Stride to buy DYDX which will be returned back to the treasury,’ Juliano said.
InQubeta: One of the AI industry’s most significant crypto coins.
In the face of the regulatory hurdles and legal disputes cryptocurrency markets have been undergoing, a new initial coin offering (ICO) named InQubeta is emerging as a leading player within this space, proving how AI and cryptocurrencies can come together. However, this platform is the opposite of traditional barriers to entry for AI startup investments, democratizing the availability of a number of investors. The QUBE tokens by InQubeta are the path to fractional ownership of AI companies by AI startups, giving the investors the chance to open doors that were previously closed to a well-connected few.
InQubeta (QUBE) and Artificial Intelligence (AI) Startups
What separates InQubeta from others is its use of NFTs to make sure that the investors have equal and transparent shares in artificial intelligence startups. Through this approach, the use of both AI and blockchain technology is not only new but also transformative. It brings together both technologies to provide the growing demand for investment options that are inclusive and meaningful. In addition, InQubeta’s deflationary ERC20 token is intended to motivate long-term interaction and active participation, assuring the emergence of a vibrant and dynamic investment environment.
Though, InQubeta’s vision extends this far. In addition, the platform is very optimistically aiming to launch an NFT marketplace, introduce the InQubeta swap feature, and initiate a DAO by 2024 while cross-chain expansion is also on the way. From the evidence at hand, InQubeta is just as resolute as ever, prepared to change the way these technologies are perceived.
