dYdX Unveils Chain’s Open-Source Code
dYdX Trading, the company behind decentralized derivatives exchange dYdX, has released open-source code for its upcoming independent blockchain, marking the start of the mainnet launch of dYdX Chain. The transition from an Ethereum-based layer-2 blockchain to a Cosmos-based proof-of-stake protocol signifies a significant change in the exchange’s operations, not just technical upgrades.
dYdX, led by CEO Antonio Juliano, is embracing decentralization and community-based operation with the introduction of the dYdX Chain (dYdX V4). The company will relinquish control over the protocol and cease trading fees, aligning with DeFi’s ethos. This transition empowers DYDX token holders, who will play a crucial role in decision-making through governance proposals and votes. This move is significant, given the substantial trading volume on dYdX, which trades an average of billion dollars daily.
(With inputs from Shikha Singh)
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