Wintermute has initiated a vote in the dYdX community on "V4 Adoption and Migration of DYDX Tokens to the dYdX Chain," which will start voting tomorrow

ChainCatcher message, Wintermute has initiated a proposal in the dYdX community for "V4 adoption and migrating DYDX tokens to the dYdX chain," with voting starting at 07:49 Beijing time on August 29 and ending at 07:49 on September 2.

Wintermute suggests that the dYdX community adopt the dYdX v4 open-source software as the next version of the dYdX protocol; the dYdX community will adopt DYDX as the L1 token for the dYdX chain; the dYdX community will adopt an Ethereum smart contract commissioned by the dYdX Foundation, which, once deployed, will provide a permissionless and autonomous one-way cross-chain bridge for the migration of DYDX tokens from Ethereum to the dYdX chain; the dYdX community suggests that dYdX blockchain validators refer to the Ethereum smart contract commissioned by the dYdX Foundation when distributing DYDX on the dYdX chain; and wethDYDX will have the same governance and utility functions as the Ethereum-based DYDX (ethDYDX) on dYdX v3.

Among these, the first four proposals do not require any modifications to the smart contract and can be approved through snapshot voting, while the last suggestion regarding wethDYDX involves an on-chain Long Timelock. If this snapshot vote passes, on-chain voting will take place using Long Timelock from around September 1 to 8.