<p>Vi&#7879;c th&ocirc;ng qua <a href="https://www.mintscan.io/dydx/proposals/303" target="_blank" rel="noreferrer noopener nofollow">n&acirc;ng c&#7845;p ph&#7847;n m&#7873;m v9.4 c&#7911;a c&#7897;ng &#273;&#7891;ng dYdX</a> &#273;&aacute;nh d&#7845;u m&#7897;t b&#432;&#7899;c ti&#7871;n quan tr&#7885;ng trong c&aacute;ch c&aacute;c giao th&#7913;c phi t&#7853;p trung &#273;i&#7873;u ch&#7881;nh &#273;&#7897;ng l&#7921;c t&#7841;i l&#7899;p c&#7889;t l&otilde;i. B&#7857;ng vi&#7879;c gi&#7899;i thi&#7879;u t&iacute;nh n&#259;ng Ph&iacute; Hoa H&#7891;ng Tr&#432;&#7907;t, dYdX &#273;ang chuy&#7875;n &#273;&#7893;i ch&#432;&#417;ng tr&igrave;nh &#273;&#7889;i t&aacute;c t&#7915; h&igrave;nh th&#7913;c qu&#7843;n l&yacute; c&#7889; &#273;&#7883;nh, n&#7863;ng n&#7873; sang m&#7897;t &#273;&#7897;ng c&#417; kinh t&#7871; d&#7921;a tr&ecirc;n hi&#7879;u su&#7845;t, m&#7897;t m&ocirc; h&igrave;nh nh&#7845;n m&#7841;nh hi&#7879;u qu&#7843; v&agrave; t&iacute;nh c&ocirc;ng b&#7857;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">kh&#7855;c ph&#7909;c nh&#432;&#7907;c &#273;i&#7875;m trong m&ocirc; h&igrave;nh c&#361;</h2>

<p>L&#7883;ch s&#7917; cho th&#7845;y, ph&#7847;n th&#432;&#7903;ng cho &#273;&#7889;i t&aacute;c tr&ecirc;n c&aacute;c s&agrave;n phi t&#7853;p trung th&#432;&#7901;ng d&#7921;a tr&ecirc;n h&#7879; th&#7889;ng c&#7845;p &#273;&#7897; &lsquo;VIP&rsquo; c&#7889; &#273;&#7883;nh. D&ugrave; c&oacute; t&aacute;c d&#7909;ng, nh&#432;ng h&#7879; th&#7889;ng n&agrave;y ch&#7853;m ch&#7841;p v&agrave; kh&ocirc;ng hi&#7879;u qu&#7843;. M&ocirc; h&igrave;nh VIP c&#361; c&#7911;a dYdX y&ecirc;u c&#7847;u &#273;&#7873; xu&#7845;t qu&#7843;n tr&#7883; ch&#7881; &#273;&#7875; &#273;i&#7873;u ch&#7881;nh ho&#7863;c m&#7903; r&#7897;ng c&#7845;u tr&uacute;c ph&#7847;n th&#432;&#7903;ng cho &#273;&#7889;i t&aacute;c. &#272;i&#7873;u n&agrave;y t&#7841;o ra hai &#273;i&#7875;m ma s&aacute;t ch&iacute;nh:</p>
<ol class="bic-gutenberg-list wp-list list-decimal list-inside ">
<li>Qu&aacute; t&#7843;i qu&#7843;n tr&#7883;: S&#7921; ch&uacute; &yacute; c&#7911;a DAO b&#7883; ph&acirc;n t&aacute;n kh&#7887;i c&aacute;c quy&#7871;t &#273;&#7883;nh chi&#7871;n l&#432;&#7907;c cho giao th&#7913;c (nh&#432; tham s&#7889; r&#7911;i ro hay th&#7883; tr&#432;&#7901;ng m&#7899;i) &#273;&#7871;n duy tr&igrave; ho&#7841;t &#273;&#7897;ng.</li>

<li>&#272;&#7897;ng l&#7921;c ch&#7853;m tr&#7877;: C&aacute;c c&#7845;p &#273;&#7897; kh&ocirc;ng ph&#7843;n &aacute;nh ngay l&#7853;p t&#7913;c t&aacute;c &#273;&#7897;ng hi&#7879;n t&#7841;i v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch do &#273;&#7889;i t&aacute;c mang l&#7841;i.</li>
</ol>

<p>B&#7843;n n&acirc;ng c&#7845;p v9.4 kh&#7855;c ph&#7909;c &#273;i&#7873;u n&agrave;y, thay th&#7871; h&#7879; th&#7889;ng c&#361; c&#7889; &#273;&#7883;nh b&#7857;ng c&#417; ch&#7871; &#273;&#432;&#7907;c m&atilde; h&oacute;a c&#7913;ng &#273;&#7875; &#273;&#7843;m b&#7843;o t&iacute;nh c&ocirc;ng b&#7857;ng li&ecirc;n t&#7909;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">b&#432;&#7899;c chuy&#7875;n c&#7845;u tr&uacute;c chia s&#7867; doanh thu</h2>

<p>C&#7889;t l&otilde;i c&#7911;a n&acirc;ng c&#7845;p l&agrave; m&#7897;t s&#7921; chuy&#7875;n &#273;&#7893;i c&#7845;u tr&uacute;c trong chia s&#7867; doanh thu. Thay v&igrave; m&#7913;c hoa h&#7891;ng c&#417; b&#7843;n 15% tr&#432;&#7899;c &#273;&acirc;y, t&#7845;t c&#7843; c&aacute;c &#273;&#7889;i t&aacute;c gi&#7901; t&#7921; &#273;&#7897;ng b&#7855;t &#273;&#7847;u v&#7899;i 30% chia s&#7867; doanh thu t&#7915; ph&iacute; taker, hi&#7879;u qu&#7843; g&#7845;p &#273;&ocirc;i hoa h&#7891;ng c&#417; b&#7843;n.</p>
<p>&#272;i&#7875;m s&aacute;ng t&#7841;o n&#7857;m &#7903; thang tr&#432;&#7907;t, t&#7921; &#273;&#7897;ng t&iacute;nh to&aacute;n d&#7921;a tr&ecirc;n kh&#7889;i l&#432;&#7907;ng gi&#7899;i thi&#7879;u trong 30 ng&agrave;y g&#7847;n nh&#7845;t. &#272;i&#7873;u n&agrave;y &#273;&#7843;m b&#7843;o c&aacute;c kho&#7843;n hoa h&#7891;ng l&agrave; m&#7897;t ch&#7913;c n&#259;ng t&#7913;c th&#7901;i v&agrave; tr&#7921;c ti&#7871;p t&#7915; hi&#7879;u su&#7845;t g&#7847;n &#273;&acirc;y.</p>
<p>C&aacute;c c&#7845;p &#273;&#7897; m&#7899;i l&agrave;:</p>
<table class="has-fixed-layout"><tbody><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Kh&#7889;i l&#432;&#7907;ng gi&#7899;i thi&#7879;u trong 30 ng&agrave;y</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">T&#7927; l&#7879; hoa h&#7891;ng</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">L&ecirc;n &#273;&#7871;n 1,000,000 USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">30%</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">1,000,001 &ndash; 10,000,000 USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">40%</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Tr&ecirc;n 10,000,000 USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">50%</td></tr></tbody></table>

<p>C&#7845;u tr&uacute;c n&agrave;y &#273;&#7843;m b&#7843;o r&#7857;ng c&aacute;c &#273;&#7889;i t&aacute;c c&oacute; kh&#7889;i l&#432;&#7907;ng l&#7899;n tr&ecirc;n 10 tri&#7879;u USD trong m&#7897;t th&aacute;ng s&#7869; ngay l&#7853;p t&#7913;c &#273;&#7911; &#273;i&#7873;u ki&#7879;n cho m&#7913;c chia s&#7867; doanh thu 50% trong 30 ng&agrave;y ti&#7871;p theo. C&#417; ch&#7871; n&agrave;y th&uacute;c &#273;&#7849;y s&#7921; tham gia nh&#7845;t qu&aacute;n v&agrave; b&#7873;n v&#7919;ng, khi t&#7927; l&#7879; &#273;&#432;&#7907;c &#273;i&#7873;u ch&#7881;nh theo hi&#7879;u su&#7845;t hi&#7879;n t&#7841;i, &#273;&aacute;ng tin c&#7853;y.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">t&aacute;c &#273;&#7897;ng c&#7911;a t&iacute;nh n&#259;ng ph&iacute; hoa h&#7891;ng tr&#432;&#7907;t</h2>

<p>T&#7915; g&oacute;c &#273;&#7897; ph&acirc;n t&iacute;ch, t&aacute;c &#273;&#7897;ng quan tr&#7885;ng nh&#7845;t c&#7911;a t&iacute;nh n&#259;ng Ph&iacute; Hoa H&#7891;ng Tr&#432;&#7907;t l&agrave; kh&#7843; n&#259;ng &#273;&#417;n gi&#7843;n h&oacute;a qu&#7843;n tr&#7883;. B&#7857;ng c&aacute;ch t&#7921; &#273;&#7897;ng &#273;i&#7873;u ch&#7881;nh c&#7845;p &#273;&#7897; &#273;&#7889;i t&aacute;c, giao th&#7913;c lo&#7841;i b&#7887; nhu c&#7847;u cho c&aacute;c &#273;&#7873; xu&#7845;t danh s&aacute;ch VIP th&#7911; c&ocirc;ng.</p>
<p>&#272;i&#7873;u n&agrave;y gi&uacute;p t&#7893; ch&#7913;c t&#7921; tr&#7883; phi t&#7853;p trung (DAO) t&#7853;p trung b&#259;ng th&ocirc;ng v&agrave;o c&aacute;c quy&#7871;t &#273;&#7883;nh chi&#7871;n l&#432;&#7907;c cao c&#7845;p, nh&#432; qu&#7843;n l&yacute; r&#7911;i ro, m&#7903; r&#7897;ng th&#7883; tr&#432;&#7901;ng v&agrave; ph&aacute;t tri&#7875;n giao th&#7913;c c&#7889;t l&otilde;i.</p>
<p>dYdX &#273;ang s&#7917; d&#7909;ng m&atilde; m&#7897;t c&aacute;ch chi&#7871;n l&#432;&#7907;c &#273;&#7875; th&#7921;c thi s&#7921; c&ocirc;ng b&#7857;ng v&agrave; hi&#7879;u qu&#7843; kinh t&#7871;, gi&uacute;p t&#7847;ng qu&#7843;n tr&#7883; ho&#7841;t &#273;&#7897;ng g&#7847;n h&#417;n v&#7899;i l&yacute; t&#432;&#7903;ng chi&#7871;n l&#432;&#7907;c c&#7911;a m&igrave;nh. &#272;&acirc;y l&agrave; m&#7897;t v&iacute; d&#7909; thuy&#7871;t ph&#7909;c v&#7873; c&aacute;ch giao th&#7913;c phi t&#7853;p trung c&oacute; th&#7875; tinh ch&#7881;nh tokenomics &#273;&#7875; v&#7915;a c&#7841;nh tranh cao, v&#7915;a &#273;&#432;&#7907;c qu&#7843;n l&yacute; t&#7921; &#273;&#7897;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">cam k&#7871;t c&#7911;a dYdX v&#7899;i h&#7879; sinh th&aacute;i &#273;&#7889;i t&aacute;c</h2>

<p>B&#7843;n n&acirc;ng c&#7845;p v9.4 l&agrave; m&#7897;t minh ch&#7913;ng m&#7841;nh m&#7869; cho cam k&#7871;t c&#7911;a dYdX &#273;&#7889;i v&#7899;i h&#7879; sinh th&aacute;i &#273;&#7889;i t&aacute;c v&agrave; thi&#7871;t k&#7871; giao th&#7913;c ng&agrave;y c&agrave;ng ho&agrave;n thi&#7879;n. B&#7857;ng c&aacute;ch m&atilde; h&oacute;a ph&#7847;n th&#432;&#7903;ng d&#7921;a tr&ecirc;n t&agrave;i n&#259;ng v&agrave; &#273;i&#7873;u ch&#7881;nh thu nh&#7853;p ch&iacute;nh x&aacute;c v&#7899;i &#7843;nh h&#432;&#7903;ng hi&#7879;n t&#7841;i, dYdX kh&ocirc;ng ch&#7881; t&#259;ng c&#432;&#7901;ng ti&#7873;m n&#259;ng thu nh&#7853;p c&#7911;a &#273;&#7889;i t&aacute;c m&agrave; c&ograve;n c&#7911;ng c&#7889; h&#7841; t&#7847;ng c&#7911;a m&igrave;nh nh&#432; l&agrave; m&#7897;t trong nh&#7919;ng s&agrave;n phi t&#7853;p trung n&#259;ng &#273;&#7897;ng v&agrave; hi&#7879;u qu&#7843; nh&#7845;t tr&ecirc;n th&#7883; tr&#432;&#7901;ng perpetuals.</p>
<p>Vi&#7879;c chuy&#7875;n sang c&#7845;u tr&uacute;c hoa h&#7891;ng 30-50% th&#7875; hi&#7879;n m&#7897;t tr&#7885;ng t&acirc;m r&otilde; r&agrave;ng v&agrave;o vi&#7879;c khuy&#7871;n kh&iacute;ch thanh kho&#7843;n b&#7873;n v&#7919;ng v&agrave; t&#259;ng tr&#432;&#7903;ng d&agrave;i h&#7841;n, m&#7897;t b&#432;&#7899;c ti&#7871;n c&#7847;n thi&#7871;t cho b&#7845;t k&#7923; giao th&#7913;c n&agrave;o mu&#7889;n d&#7851;n &#273;&#7847;u trong l&#297;nh v&#7921;c t&agrave;i ch&iacute;nh phi t&#7853;p trung &#273;&#7847;y c&#7841;nh tranh.</p>


dYdX giới thiệu hạng hội viên 50% dựa trên hiệu suất