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dYdX Chain Moves to Beta Mainnet Phase, Fake XRP Filing Causes Quick Price Surge

Nov 14, 2023
Author
Tom Couture
Tom Couture AC
Market Update Equity indices are soaring on the back of softer-than-expected CPI data, with both the SPY and QQQ up over 2%. YoY CPI was 3.2% vs. 3.3% expected, while MoM CPI was 0.0% vs. 0.1% expected. Additionally, YoY and MoM Core CPI came in below expectations, giving investors confidence that the Fed is likely finished with rate hikes. Crypto markets are not responding as positively to the data, with $BTC (-1.33%) and $ETH (-1.72%) declining on the day. Banana Gun ($BANANA) has surged over 35% after processing over $16 million in trading volume and accumulating over 44 ETH in fees yesterday, giving a glimpse into the profitability Telegram trading bots can have with increased on-chain activity.Figure: Banana Gun Trading Volume & FeesSource: DunedYdX’s layer-1 chain has moved to its beta mainnet phase, enabling live trading on the new appchain. The decision to change from post-only trading to active trading received over 99% of the governance vote from the dYdX community. Users can now trade on the decentralized platform with over 33 markets and up to 20x leverage. No trading rewards will be distributed during the beta phase, but network validators and stakers will receive trading fees, marking a massive milestone for $DYDX holders who have patiently waited for protocol re

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