DYDX token, the native token of the decentralized exchange of the same name, has surged by 29.89 on Monday after a governance vote to reduce trading rewards by 45 passed.
The proposal, which received over 25 million votes in favor compared with five million votes against, aimed at increasing the amount of tokens in the protocol‘s rewards treasury, with a decision on what happens to those tokens to be determined at a later governance vote.
DYDX is currently trading at $2.44 after surging from a 24-hour low of $1.87, according to CoinDesk data. And whilst the entire cryptocurrency market has experienced a boost today following a short squeeze, DYDX has outperformed the major crypto assets like bitcoin and ethereum.
The token has experienced a bullish year so far, rallying by 21 on a single day in January after a decision was made to delay a planned token unlock. It has risen by 121 since the turn of the year.
