Crypto Exchange dYdX Releases Open-Source Code for New Blockchain
Crypto exchange dYdX has made its new Cosmos-based blockchain’s open-source code available to the public. The code release includes various components such as the protocol, order book, and interface. This move is aimed at facilitating the launch of the main network, which will be overseen by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.
dYdX Plans to Decentralize Order Book with New Blockchain
dYdX is preparing to launch a new blockchain based on Cosmos (ATOM). The purpose of this launch is to decentralize the exchange’s order book, removing control from the development team and achieving true decentralization. Currently, dYdX operates on Ethereum’s StarkEx solution, which is a second-layer scaling solution.
With the release of the open-source code, dYdX aims to enable DeFi enthusiasts worldwide to contribute to running their infrastructure. Once the mainnet launch is complete, the development team will no longer utilize any part of the existing infrastructure for the new dYdX blockchain.
Upcoming Mainnet Launch and Phased Approach
An official mainnet launch date has not been announced yet. Interested individuals are advised to refer to the dYdX Operations subDAO blog post for more information. The proposed launch plan includes an alpha phase where token holders can stake their tokens and receive rewards without trading availability. The subsequent beta phase will introduce trading and additional testing, but specific dates for these phases have not been disclosed.
In March 2023, dYdX announced the introduction of a test network that allows development teams to create their own networks using Cosmos SDK tools. This framework enables independent blockchains to interact with each other. The decision to move away from Ethereum was driven primarily by scalability concerns.
Hot Take: dYdX Takes a Step Towards Decentralization with Open-Source Blockchain
Crypto exchange dYdX has taken a significant step towards decentralization by releasing the open-source code for its new Cosmos-based blockchain. By allowing DeFi enthusiasts worldwide to participate in running the infrastructure, dYdX aims to achieve true decentralization of its order book. The upcoming mainnet launch, organized by the dYdXDAO SubDAO on Operations, will mark a milestone for the project.
The phased approach proposed by dYdX Operations will provide token holders with staking rewards during the alpha phase, followed by trading availability and further testing in the beta phase. While no specific dates have been announced, these developments demonstrate dYdX’s commitment to innovation and addressing scalability concerns by moving away from Ethereum.
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