dYdX Embraces Open-Source: Unveils Code of New Blockchain
In a significant stride towards achieving comprehensive decentralization, dYdX, a prominent crypto exchange, has revealed the open-source code for its forthcoming Cosmos-based blockchain. This revelation encompasses a myriad of components such as protocol, order book, and interface, elucidating the exchange’s robust strategy for transitioning towards a new technological paradigm.
Paving the Way for Mainnet Launch
The objective behind the publication of the code is to lay down a solid foundation for the impending launch of the main network. This meticulous effort is spearheaded by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations. The innovative team at dYdX is in the process of inaugurating a revolutionary blockchain that leans on the sturdy architecture of Cosmos (ATOM).
A Shift Towards True Decentralization
As part of this transformative journey, dYdX envisages the decentralization of the exchange’s order book, thereby shifting the protocol away from the confinement of the development team. This will facilitate a genuine decentralization process, veering away from its current reliance on the StarkEx solution, which operates as the second layer of Ethereum (ETH).
Empowering the DeFi Community
The newly unveiled code is a beacon that invites DeFi enthusiasts from across the globe to contribute and manage the dYdX infrastructure. This signifies a pivotal shift where, post the completion of the mainnet launch, the dYdX development team will relinquish control, ensuring that the infrastructure does not remain tethered to a singular entity.
dYdX’s Mainnet Launch: A Phased Approach
Though the official date for the mainnet launch remains undisclosed, dYdX has elucidated a phased approach towards this monumental unveiling. An alpha phase, brimming with opportunities for token holders to stake their tokens and reap staking rewards, has been proposed, despite trading functionalities remaining in limbo during this phase.
Steering Away from Ethereum
dYdX’s decision to migrate away from Ethereum stems from a quest for enhanced scalability. The launch of a test network in March 2023 marked the beginning of this transformative journey, enabling development teams to craft their networks with the assistance of Cosmos SDK tools. This pivot allows for the creation of independent blockchains, each capable of seamless interaction, thus overcoming the scalability hurdles that beleaguered their Ethereum-based operations.