5月15日，DYDX基金会出版了全面的白皮书

本文档解释了DYDX如何与欧盟云母规则保持一致。

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基金会宣布在X上发布其综合白皮书。该文档跨越了三十页，可深入研究DYDX生态系统，详细介绍了令牌的权利，功能和网络结构。

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.

根据《欧盟2023/1114法规》，《分散代币框架》指南，该论文充当自愿披露，根据欧盟的MICA规则解决了风险和治理。预期的受众包括协议建设者，法律顾问，验证者和政策制定者，要求对分散代币进行清楚。

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.

该资源的目的是提高对利益相关者在分散代币生态系统中其职责的理解。它强调透明度，并包括支持知情参与和监督的披露。

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.

白皮书首先要澄清DYDX基金会不能直接控制网络操作。取而代之的是，独立的验证者和开发人员维护并确保基于CosmossDK的DYDX链，该链使用委托的商品证明共识模型进行交易验证。

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.

令牌持有人可以将其股权委托给验证者，共享安全责任并实现有效的交易吞吐量。反过来，验证者通过定期确保交易和对治理提案进行投票来赚取奖励。这些建议的范围从国库分配和软件升级到网络参数调整。

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，还建立了诸如提案沉积物和法定人数阈值之类的机制，以保护网络免受滥用。但是，本文确实指出了选民冷漠和集中股份的潜在风险，这是持续的治理问题。

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.

就风险透明度而言，该文档是二十四个类别的风险，涵盖技术，市场和法律威胁。它警告Cosmos SDK中的协议错误以及CometBft（例如CometBft）的共识软件，突显了削减验证者令牌或在用于DYDX链中使用的智能合约中的错误的可能性。

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链等桥梁的脆弱性，以及验证者因恶意行动或行为不当而面临的削减处罚。在更独特的风险因素中，白皮书甚至承认未来量子计算开发的新兴威胁，并指出欧盟投资者保证计划不涵盖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.

这些公开披露的目的是使参与者能够做出明智的决策，并管理与他们参与DYDX生态系统有关的风险，最终支持整个网络的透明操作和问责制。