CDS Crypto News dYdX Unveils Open-Source Code for Cosmos-Based Blockchain, Paving the Way for Decentralized Exchange
Crypto News

dYdX Unveils Open-Source Code for Cosmos-Based Blockchain, Paving the Way for Decentralized Exchange

dYdX Unveils Open-Source Code for Cosmos-Based Blockchain, Setting the Stage for a Decentralized Exchange

351
Dydx Unveils Open-Source Code For Cosmos-Based Blockchain, Paving The Way For Decentralized Exchange

dYdX Unveils Open-Source Code for Cosmos-Based Blockchain, Paving the Way for Decentralized Exchange

Crypto News – Leading cryptocurrency exchange, dYdX, has made a significant stride by releasing the open-source code for its innovative Cosmos-based blockchain. This release encompasses core components such as the protocol, order book, interface, and more, serving as a pivotal step towards the impending launch of the main network. The orchestration of this launch falls under the jurisdiction of the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.

The dYdX team is in the final stages of introducing a groundbreaking blockchain, based on Cosmos (ATOM). Their claim to fame with this endeavor is their commitment to decentralizing the exchange’s order book, thereby transferring control from the development team to the community, aligning with the principles of true decentralization. Notably, dYdX presently operates on the StarkEx solution, situated on the Ethereum (ETH) second layer.

Dydx Unveils Open-Source Code For Cosmos-Based Blockchain, Paving The Way For Decentralized Exchange

The publication of this open-source code opens the doors for DeFi enthusiasts worldwide to actively participate in the operation of the dYdX infrastructure. Once the mainnet launch reaches fruition, the dYdX development team will relinquish any involvement in deploying the new dYdX blockchain.

As for the official date of the mainnet launch, the dYdX team has yet to make an announcement. For further details and updates, interested parties are encouraged to refer to the dYdX Operations subDAO blog post.

Preceding the mainnet launch, dYdX Operations has laid out a phased approach. The alpha phase permits token holders to stake their tokens, thus becoming eligible for staking rewards, though trading will remain unavailable during this stage. Subsequently, the beta phase will roll out, allowing for trading activities and extensive testing. Specific launch dates for these phases have not been disclosed in the current announcement.

In March 2023, the company introduced a test network designed to provide development teams with the requisite tools based on Cosmos SDK, facilitating the creation of their networks. A noteworthy feature of this network is its capacity to enable independent blockchains to seamlessly interact with one another. dYdX’s decision to transition away from Ethereum stems from the primary concern of Ethereum’s limited scalability.

This move signals dYdX’s commitment to fostering a more decentralized and scalable ecosystem, marking a significant development in the world of cryptocurrency exchanges.

Dydx Unveils Open-Source Code For Cosmos-Based Blockchain, Paving The Way For Decentralized Exchange
Sources:Crypto News

Leave a comment

Leave a Reply

Related Articles

Crypto Predictions 2025: Why Qubetics and Solana Are Set to Explode

The cryptocurrency market in 2025 offers immense growth potential, with top projects...

Exploring Quant (QNT): A Bullish Outlook as 2025 Approaches

Exploring Quant (QNT): Quant (QNT) is poised for impressive growth as we...

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...