dYdX Chain Launches: A New Era of Transparency in Derivatives Trading
dYdX Trading, the U.S.-based firm behind the decentralized derivatives exchange dYdX, has unveiled its open-source code for public access.
This launch marks the introduction of dYdX Chain, an enhanced version (dYdX V4) of the popular derivatives exchange. Antonio Juliano, Founder and CEO of dYdX Trading, emphasized that the dYdX Chain will bring transparency and security to derivatives trading by operating solely through code and user control. The significant upgrade involves a transition from an Ethereum-based layer-2 blockchain to a Cosmos-based proof-of-stake protocol governed by DYDX token holders.
The code is presented as a governance proposal, pending approval from DYDX token holders and support from various community stakeholders. The existing dYdX exchange will run concurrently with the dYdX mainnet for an undisclosed period. The newly introduced dYdX Chain will be permissionless, allowing access from anywhere, although it will not be accessible to U.S. users due to regulatory considerations. This move toward decentralization aligns with dYdX Trading’s shift to a Public Benefit Corporation, emphasizing both profit generation and societal benefits.
Clever Robot News Desk 25th October 2023
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