The dYdX Foundation has announced that a community vote on whether the crypto project can upgrade the dYdX Chain to version 8.0 is now live.

The on-chain vote, through which the dYdX (DYDX) community will decide if the dYdX Chain can be upgraded to v8.0, will conclude on January 21, 2025, the dYdX Foundation stated in an official announcement.

The proposal, presented by the dYdX Operations subDAO, outlines an upgrade to the dYdX protocol that would introduce permissioned keys to enhance account risk management and safety for API traders. If approved by the community, the upgrade will also remove the marketmap feature, allowing market mappers to remove non-launched markets, among other key improvements.

According to the Operations subDAO, the implementation of this crucial software upgrade hinges on community approval of the governance proposal.

The timeline for the proposal begins with its submission and the on-chain vote going live on Jan. 17, followed by the expected vote outcome on Jan. 21, and potential implementation on Jan. 22. The upgrade is scheduled to occur at block height 35,602,000.

dYdX is a decentralized finance trading platform that introduced DEX aggregators, decentralized margin trading, and flash loans in 2018. The dYdX Chain was launched as a standalone app-chain in October 2023, with decentralization, network speed, and user experience at the core of its design. Version 8.0 represents the latest upgrade proposal for the platform.

The native token of the dYdX Chain is DYDX, which holders can stake to help secure the chain and earn protocol rewards. The L1 token is currently trading at around $1.43, up 6% in the past 24 hours.