The Launch of dYdX Version 4 and the dYdX Chain
dYdX, the leading decentralized derivatives platform, has released the “alpha mainnet” for its version 4, along with its standalone Cosmos-based blockchain. This marks a significant transition for the platform. The genesis block of the dYdX Chain was created by dYdX Chain validators at 1 p.m. EST today.
The activation of the dYdX alpha mainnet is the first step in transitioning to version 4 and its new Layer 1 blockchain that is governed by the community. The development of this transition involved multiple testnets throughout the year.
dYdX Foundation CEO Charles dโHaussy stated that after years of development and collaboration with validators and trading firms, the dYdX Chain has been officially launched. This launch represents a major milestone for the dYdX Ecosystem, as it signifies a move towards full decentralization.
Introducing an Independent Blockchain
The alpha version of dYdX is built on the Cosmos SDK and introduces an independent blockchain specifically designed to meet the project’s requirements. Recently, the open-source code for the dYdX blockchain was made public.
Objectives of the Alpha Mainnet
In its current alpha stage, the mainnet’s primary objective is to stress-test the network. Over 60 validators are being onboarded to ensure network security. A beta launch is planned after a community governance vote, which will enable trading on the network.
To enroll as validators for dYdX, participants will need to submit a genesis file. Cosmostation, a Cosmos-based development firm, intends to operate as a dYdX validator.
dYdX’s Dominance in Decentralized Derivatives Trading
dYdX is known as the largest decentralized derivatives trading platform in the crypto space. Previously, it relied on StarkEx, an Ethereum Layer 2 scaling solution. Since 2020, dYdX has facilitated over $1 trillion in cumulative trading volume.
Hot Take: dYdX Launches Alpha Mainnet for Version 4 and dYdX Chain
dYdX, the leading decentralized derivatives platform, has taken a significant step forward with the launch of its alpha mainnet for version 4 and the dYdX Chain. This transition represents a move towards full decentralization and introduces an independent blockchain tailored to meet the project’s requirements.
The mainnet’s objective at this stage is to stress-test the network and ensure network security through the onboarding of over 60 validators. In the future, a beta launch is planned that will enable trading on the network, pending approval from a community governance vote.
dYdX’s dominance in decentralized derivatives trading is evident, with a cumulative trading volume of over $1 trillion since 2020. With its new alpha mainnet and standalone blockchain, dYdX continues to lead the way in revolutionizing the crypto derivatives market.
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