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.
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.
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