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dYdX Becomes Open Source as It Transitions to Cosmos-Based Blockchain

October 25, 2023
in Blockchain
0

The decentralized exchange dYdX open-sources its v4 upgrade code, marking its transition from Ethereum to a Cosmos-based blockchain, a move that has sparked debate in the crypto community.

Posted October 24, 2023 at 6:13 pm EST.

dYdX Trading, the entity behind the decentralized derivatives exchange dYdX has released the open-source code for its version 4 (v4) upgrade, marking its transition from an Ethereum-based layer-2 network to a standalone blockchain in the Cosmos ecosystem. 

The move aims to make the exchange fully decentralized and community-operated, according to a company announcement.

The v4 upgrade, pending a governance vote led by the dYdX Foundation, will introduce a range of new features, including an order book and a matching engine that will be part of a decentralized, community-governed project. 

The new blockchain aims to offer transparent and secure derivatives trading, operated solely by code and governed by its user community. The transition to a Cosmos-based blockchain was initially announced as part of the v4 update, and the software development has now been completed.

“The release marks the full decentralization of dYdX, and is a big step on our mission to democratize access to financial opportunity,” Antonio Juliano, dYdX’s founder and CEO, said in a statement.

However, the decision to transition away from Ethereum has sparked debates within the crypto community, particularly among Ethereum loyalists. 

 Some DeFi observers see the departure as a significant shift, given that dYdX was developed using StarkEx –  an Ethereum Layer 2 scaling solution – and is currently the largest decentralized derivatives trading platform with a daily trading volume of above $1 billion.

The new dYdX Chain claims to offer transactions of up to 2,000 transactions per second, a feature that is unprecedented within the world of decentralized finance (DeFi), according to the company’s blog post. This high throughput is one of the key reasons cited for the transition, as it aims to meet traders’ demand for greater speed and ease of use.

This news is republished from another source.


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  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
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