ChainCatcher message, the crypto market maker Wintermute proposes the following suggestions to the dYdX community:The dYdX community adopts the dYdX v4 open-source software as the next version of the dYdX protocol;Use DYDX as the L1 token for the dYdX chain;Implement a one-way cross-chain bridge for the DYDX token between Ethereum and the dYdX chain using smart contracts developed by the dYdX Foundation;It is recommended that dYdX chain validators refer to this smart contract when distributing DYDX on the dYdX chain;On dYdX v3, wethDYDX will have the same governance and application functions as the Ethereum version of DYDX.Wintermute plans to create a Snapshot vote from August 27 to 28, 2023, and an on-chain Long Timelock vote from September 1 to 8.

ChainCatcher news, the dYdX Foundation published an article discussing the future of DYDX. The article points out that the dYdX ecosystem is approaching the potential mainnet version of the dYdX v4 open-source software, and the dYdX Chain will be a PoS blockchain network. If deployed on the mainnet, it will require L1 protocol tokens to be staked to validators to secure the chain and ensure that L1 token stakers manage the network.The dYdX community can choose to use DYDX (the governance token of dYdX v3) as the L1 token for the dYdX Chain (if deployed after the mainnet launch). If such an option becomes a reality, given that DYDX is an ERC-20 token based on Ethereum, the DYDX tokens will need to be migrated from Ethereum to the dYdX Chain.Ultimately, it will be discussed separately by the dYdX community and decided through dYdX governance: 1. Whether DYDX should become the L1 protocol token of the dYdX Chain; 2. Whether wethDYDX should have the same governance and utility functions on dYdX v3 as DYDX; 3. If the dYdX community decides that DYDX should be the L1 protocol token of the dYdX Chain, how to organize and execute any necessary token migration and/or other required actions.