dYdX Chain Source Code Released in Buildup to Mainnet Launch

Crypto News- dYdX Trading, a U.S.-based company renowned for its efforts in the world of decentralized derivatives exchange, has taken a significant step by releasing the open-source code for its autonomous blockchain, dYdX Chain, making it accessible to the general public. This release represents the unveiling of dYdX Chain, an enhanced iteration (dYdX V4) of the widely popular derivatives exchange.

The CEO, Antonio Juliano, conveyed that the primary objective of dYdX Chain is to instill transparency and security within derivatives trading, executed exclusively through code and overseen by its user community.

dYdX Chain Source Code Released in Buildup to Mainnet Launch

A notable aspect of this upgrade is the transition from an Ethereum-based layer-2 blockchain to a Cosmos-based proof-of-stake protocol. This novel protocol is fortified and governed by DYDX token holders. The release of the code is being positioned as a governance proposal, necessitating approval from DYDX token holders and support from third-party validators, nodes, and community contributors to enable the launch of the dYdX Mainnet.

The existing dYdX exchange will continue its operations alongside the dYdX mainnet, although the precise timeline for this parallel operation remains undisclosed in the official press release.

The dYdX Chain testnet was initially introduced in March and has since undergone various enhancements. A comprehensive audit conducted by the blockchain auditor Informal Systems revealed no critical errors in the open-source code.

Nathan Cha, dYdX’s marketing lead, mentioned a shift in the management of the dYdX Chain’s infrastructure, with the responsibility transitioning to third-party entities.

In a recent development, the company has announced its transition into a Public Benefit Corporation (PBC), demonstrating its commitment to generating profits while contributing to societal and environmental well-being. It is important to note that dYdX Chain will be permissionless, allowing users to access the blockchain from any location.

However, it is crucial to highlight that the new protocol version will not be accessible to users based in the United States, as per a statement by CEO Antonio Juliano. This restriction may be attributed to regulatory considerations and other pertinent factors.