Open Source Code for dYdX Chain Published
Crypto exchange dYdX has released the open source code for its new Cosmos-based network, also called dYdX. The code includes the protocol, order book, front-end, and more. This move is part of the preparation for the mainnet launch, which will be organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations. The publication of the code aims to make way for a truly decentralized exchange by taking the protocol out of the hands of the development team.
dYdX’s Centralized Order Book
dYdX is currently one of the largest non-custodial cryptocurrency exchanges with a daily trading volume of over $2.6 billion. However, it relies on a centralized order book to match traders with market makers, which has led to concerns about its decentralization. The dYdX team aims to address this issue by creating a new Cosmos-based dYdX chain that will decentralize the exchange’s order book.
Mainnet Launch and Infrastructure
The new code for dYdX will allow DeFi enthusiasts to run the infrastructure globally. Once the mainnet launch is complete, the dYdX development team will no longer be involved in running any part of the infrastructure behind the new dYdX Chain deployments. The official launch date for mainnet has not been announced yet.
Phased Mainnet Launch Proposal
The dYdX Operations subDAO has proposed a phased mainnet launch in an October 4 post. The alpha phase will allow token holders to stake their tokens and earn staking rewards but trading will not be possible. The beta phase will enable trading and further testing. No specific launch dates have been provided for either phase.
Hot Take: dYdX Takes Steps Towards Decentralization
dYdX has taken a significant step towards decentralization by publishing the open source code for its new Cosmos-based network, dYdX Chain. By making the protocol, order book, and front-end code available to the public, dYdX aims to create a truly decentralized exchange. This move aligns with the growing demand for transparency and community involvement in the crypto space. While the mainnet launch date is still unknown, dYdX’s commitment to removing its involvement in running the infrastructure behind the new chain demonstrates its dedication to decentralization. The phased mainnet launch proposal further highlights dYdX’s cautious approach to ensure a smooth transition to a fully decentralized platform.
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