Original Title: "From DYDX to MAGIC, a Review of Projects that Build Their Own Public Chains and Convert Tokens into Gas Tokens"

Original Author: DeMan

In the development context of the blockchain world today, the trend of project parties developing their own public chains is becoming increasingly evident. This not only greatly enriches the usage scenarios of their own tokens, but also becomes a key driving force for tokens to upgrade to Gas Tokens. This strategic transformation fundamentally expands the scope and influence of tokens, transforming them from a simple value carrier to the core driving force that drives the entire ecosystem.

This transformation is significant as it signifies the diversification and deepening of token functionality. Tokens are no longer just a medium of exchange in transactions, but have become a key element in driving project development, innovation, and realizing project visions. These tokens are now used as Gas Tokens in new chains, ensuring network efficiency and providing projects with more autonomy and flexibility.

Nowadays, we are witnessing a crucial moment: tokens are no longer just a means of transaction, they are becoming the key to driving project development, innovation, and self-realization. Next, we will explore the projects that are at the forefront of this field and see how they upgrade to Gas Token using tokens to enhance their ecosystem and market influence.

Representative of upgrading tokens to Gas Tokens: DYDX, a self-built public chain

When discussing the classic case of upgrading tokens to Gas Tokens, we have to mention dYdX's strategic transformation. Faced with the high transaction costs of Ethereum, dYdX adopted a radical and visionary strategy: to collaborate with StarkWare, break away from the Ethereum ecosystem, and establish its own chain. The key to this strategy lies in StarkWare's technology, which enables dYdX to process more diverse transactions while maintaining scalability and low costs. This transformation not only allowed dYdX to regain its leading position in the industry, but also achieved true decentralization in the blockchain field.

While building its own chain, dYdX took an important step by transforming its token into Gas Token. This transformation is not just an adjustment to its business model, but a comprehensive reshaping of the token's role and value. $DYDX's role as Gas Token goes far beyond paying transaction fees, it has become a key element in the network's governance and incentive mechanism. This transformation has significantly impacted the efficiency and cost control of the dYdX network, greatly enhancing its closed-loop operational capabilities and long-term sustainability of its ecosystem.

dYdX demonstrated a deep understanding of decentralized and market demand by upgrading its token to Gas Token and building its own chain. dYdX's actions have caused significant reactions in the market. Its DYDX token reached its peak on November 15th with a surge of 15.66%.

DYDX token price trend

This not only enhances dYdX's position in the competitive blockchain field, but also sets a new benchmark for the entire industry in terms of token functionality expansion and ecosystem construction. dYdX's strategy is not only an effective response to the current market environment, but also reflects insight and leadership in the future development trend of blockchain technology. This strategic shift in the application of blockchain technology and token economic models indicates a mature and thoughtful direction of progress.

From Magic to FXS, more and more project tokens are upgrading to Gas Tokens

Recently, the upgrade of dYdX's token to Gas Token is just one example among many similar initiatives. In fact, this trend is spreading in the blockchain field, and more and more projects are adopting similar strategies. These projects improve their operational efficiency and enhance their position in the increasingly competitive blockchain market by transforming their tokens into Gas Tokens. Below, we will explore the specific situations of these projects and how they apply this strategy.

Magic: Decentralized NFT Ecosystem Based on Arbitrum

The movements of TreasureDAO are worth paying attention to. As a decentralized NFT ecosystem based on Arbitrum, its new move is to launch Magic token as the Gas Token for its new gaming public chain. This decision directly propelled the rapid rise of Magic token, with an increase of over 30% in just one week.

MAGIC asset price trend

Upon the release of this news, the OKX market of Ouyi displayed that MAGIC had risen to 0.8562 USDT in the short term, and is currently trading at 0.8439 USDT, with a 24-hour increase of 23.11%.

Hooked Protocol: New HOOK2.0 proposal attracts attention across the network

Hooked Protocol's HOOK2.0 proposal reveals its keen insight into market trends.

HOOK asset price trend

In the proposal, HOOK was nominated as the Gas Token in the appchain ecosystem. This not only enhances its functionality, but also signifies its strategic upgrade in the on-chain ecosystem.

APE: An L2 network built by the co-founder of Optimism

APE is considering developing its own L2 network, ApeChain, on the Optimism Superchain, under the leadership of Ben Jones, co-founder of Optimism. APE or a new AC token will be used as the Gas Token. This strategic adjustment not only reflects APE's response to market trends, but also reveals its ambitions in platform governance and revenue stream innovation.

IOTA: The 2.0 version whitepaper of the product was recently released.

The IOTA 2.0 incentive and token economics whitepaper has been recently released. According to the whitepaper, the Mana proposal of IOTA 2.0 serves as a Gas Token, which is a significant innovation in the traditional blockchain economic model. This strategy aims to decentralize the validation process while maintaining the stability of token supply, demonstrating a profound understanding of blockchain economics.

FXS: will be shaped into a universal chain platform, where various applications can be deployed.

On November 2nd, Sam Kazemian, the founder of Frax Finance, announced on the official Telegram channel that Fraxchain will serve as a general Rollup platform, rather than being limited to Frax Finance's dedicated chain. This means that various applications can be deployed on Fraxchain. Importantly, FXS will serve as the Gas token for Fraxchain, participating in the distribution of network sorter rewards and being used to regulate the decentralized mechanism of the sorter in future updates.

Frax Finance's initiative positions FXS as the gas token for Fraxchain, reflecting its strategic layout in the blockchain network economy. This not only enhances FXS's position in the network, but also provides a new way for its user community to participate in network revenue.

The trend of converting project public chain tokens into Gas Tokens is irreversible, and the Web3 world is looking forward to more positive changes.

Overall, these cases demonstrate how blockchain projects optimize their economic models, improve efficiency, and gain a competitive advantage in the market by upgrading tokens to Gas Tokens.

With the evolution of this trend, it is expected that more projects will join the ranks, jointly promoting the economic application and innovation of blockchain technology.

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