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      DYDX is undergoing a migration to dYdX Chain

      On August 3, 2021, dYdX Foundation launched DYDX (hereinafter "ethDYDX"), a governance token that allows the dYdX community to govern certain aspects of the dYdX Layer 2 protocol on Ethereum ("dYdX v3") to align incentives between traders, liquidity providers, and partners. The ethDYDX token enables a robust ecosystem around governance, rewards, and staking - each of which is designed to drive future growth and decentralization of dYdX v3.

      On October 26, 2023, the dYdX Chain open source software was deployed and the first block of the dYdX Chain was created by the dYdX Chain validators.

      The dYdX Chain is a proof-of-stake blockchain network built using the Cosmos SDK and leveraging CometBFT for consensus.

      The dYdX community, through dYdX governance, voted (Snapshot and on-chain) in favor of adopting DYDX as the Layer 1 token of the dYdX Chain for staking to validators in order to secure the chain and for stakers of the L1 token to govern the network. On October 30, 2023, the dYdX Operations subDAO deployed the User Interface Code (as defined below) open-sourced by the dYdX Foundation to provide a front-end for ethDYDX holders to interact with the wethDYDX Smart Contract and migrate their ethDYDX tokens from Ethereum to the dYdX Chain.

      In furtherance of its mission to support and promote the dYdX ecosystem by enabling communities, developers, and decentralized governance, the dYdX Foundation has commissioned the following in connection with the potential migration of ethDYDX from Ethereum to the dYdX Chain:

      1. The development and open sourcing of an Ethereum smart contract (the "wethDYDX Smart Contract") that enables a permissionless and autonomous one-way bridge for the ethDYDX token to be migrated from Ethereum to the dYdX Chain,
      2. The development and open sourcing of a GovernanceStrategyV2 smart contract (the "GovernanceStrategyV2 Smart Contract") that the dYdX community voted in support of upgrading to enable the wrapped version of the Ethereum-based DYDX token ("wethDYDX") to have the same governance and utility function as ethDYDX in dYdX v3.
      3. The development and open sourcing of a TreasuryBridge smart contract (the "TreasuryBridge Smart Contract") that, if deployed and if the dYdX community decided through dYdX governance, could (i) burn newly vested ethDYDX from the community treasury vester and the rewards treasury vester and (ii) enable DYDX vested in the community treasury and rewards treasury to be bridged to the dYdX Chain.
      4. The development of source code that was open-sourced such that others may use it to implement a "User Interface" (also sometimes referred to as a "front-end") to interact with such wethDYDX Smart Contract (the "User Interface Code").

      When interacted with, the one-way bridge smart contract, the wethDYDX Smart Contract, would carry out the following functions in a fully permissionless and automated manner:

      1. Receive and permanently lock the ethDYDX tokens sent by the user to the wethDYDX Smart Contract,
      2. Send wethDYDX to the user on a 1-1 proportion basis on Ethereum, and
      3. dYdX Chain validators can also read and ingest the information in the wethDYDX Smart Contract such that corresponding DYDX can be distributed to users by validators on the dYdX Chain once there is confirmation that Step 1 above is complete and the respective ethDYDX is permanently locked in the wethDYDX Smart Contract.

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