5月15日，DYDX基金會出版了全面的白皮書

本文檔解釋了DYDX如何與歐盟雲母規則保持一致。

On May 15, the dYdX Foundation announced the release of its comprehensive whitepaper on X. This document, spanning over thirty pages, provides a deep dive into the dYdX ecosystem, detailing the token's rights, functions, and the structure of the network.

5月15日，DYDX基金會宣佈在X上發布其綜合白皮書。該文檔跨越了三十頁，可深入研究DYDX生態系統，詳細介紹了令牌的權利，功能和網絡結構。

Following Regulation EU 2023/1114 guidelines for decentralized token frameworks, the paper acts as a voluntary legal disclosure, addressing risks and governance in accordance with the European Union's MiCA rules. The intended audience includes protocol builders, legal advisors, validators, and policymakers seeking clarity on decentralized tokens.

根據《歐盟2023/1114法規》，《分散代幣框架》指南，該論文充當自願披露，根據歐盟的MICA規則解決了風險和治理。預期的受眾包括協議建設者，法律顧問，驗證者和政策制定者，要求對分散代幣進行清楚。

The goal of this resource is to improve the understanding of stakeholders regarding their responsibilities within a decentralized token ecosystem. It emphasizes transparency and includes disclosures to support informed participation and oversight.

該資源的目的是提高對利益相關者在分散代幣生態系統中其職責的理解。它強調透明度，並包括支持知情參與和監督的披露。

The whitepaper begins by clarifying that the dYdX Foundation does not directly control network operations. Instead, independent validators and developers maintain and secure the CosmosSDK-based dYdX Chain, which uses a delegated Proof-of-Stake consensus model for transaction validation.

白皮書首先要澄清DYDX基金會不能直接控製網絡操作。取而代之的是，獨立的驗證者和開發人員維護並確保基於CosmossDK的DYDX鏈，該鏈使用委託的商品證明共識模型進行交易驗證。

Token holders can delegate their stakes to validators, sharing security responsibilities and enabling efficient transaction throughput. Validators, in turn, earn rewards by regularly securing transactions and voting on governance proposals. These proposals can range from treasury allocations and software upgrades to network parameter adjustments.

令牌持有人可以將其股權委託給驗證者，共享安全責任並實現有效的交易吞吐量。反過來，驗證者通過定期確保交易和對治理提案進行投票來賺取獎勵。這些建議的範圍從國庫分配和軟件升級到網絡參數調整。

Furthermore, mechanisms like proposal deposits and quorum thresholds are in place to protect the network from misuse. However, the paper does note voter apathy and potential risks from concentrated stakes as ongoing governance concerns.

此外，還建立了諸如提案沉積物和法定人數閾值之類的機制，以保護網絡免受濫用。但是，本文確實指出了選民冷漠和集中股份的潛在風險，這是持續的治理問題。

In terms of risk transparency, a key focus for DYDX users, the document identifies twenty-four categories of risks, covering technical, market, and legal threats. It warns about protocol bugs in Cosmos SDK and consensus software like CometBFT, highlighting the possibility of slashing validators' tokens or exploiting bugs in the smart contracts used for the dYdX Chain.

就風險透明度而言，該文檔是二十四個類別的風險，涵蓋技術，市場和法律威脅。它警告Cosmos SDK中的協議錯誤以及CometBft（例如CometBft）的共識軟件，突顯了削減驗證者令牌或在用於DYDX鏈中使用的智能合約中的錯誤的可能性。

Additionally, the paper mentions the vulnerability of bridges like the USDC Chain to attacks, as well as the slashing penalties that validators face for malicious actions or misbehavior. Among the more unique risk factors, the whitepaper even acknowledges emerging threats from future quantum computing developments, noting that the DYDX token is not covered by EU investor guarantee schemes.

此外，本文提到了USDC鍊等橋樑的脆弱性，以及驗證者因惡意行動或行為不當而面臨的削減處罰。在更獨特的風險因素中，白皮書甚至承認未來量子計算開發的新興威脅，並指出歐盟投資者保證計劃不涵蓋DYDX令牌。

The aim of these open disclosures is to enable participants to make informed decisions and manage risks relevant to their involvement with the dYdX ecosystem, ultimately supporting transparent operations and accountability across the network.

這些公開披露的目的是使參與者能夠做出明智的決策，並管理與他們參與DYDX生態系統有關的風險，最終支持整個網絡的透明操作和問責制。