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Crypto exchange dYdX has released the open source code for its newly developed Cosmos-based network of the same name, as detailed in a blog post from October 23. This new code encompasses the “protocol, order book, front-end, and more,” according to the announcement. The release of this code aims to facilitate a mainnet launch, which is being coordinated by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO focused on Operations.
1/ It’s finally here
Today, we’re proud to present and fully open-source the completed dYdX Chain!
This is the next chapter for dYdX and we’re so excited that it’s here.
Let’s get into the details:https://t.co/ydil2jkqJs— dYdX (@dYdX) October 24, 2023
dYdX ranks among the largest non-custodial cryptocurrency exchanges, boasting over $2.6 billion in daily trading volume, as reported by Coingecko. However, it utilizes a centralized order book to connect traders with market makers. Due to this order book, it is sometimes perceived as not being entirely decentralized.
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The dYdX team has been working on establishing a new Cosmos-based dYdX chain that they claim will enable the decentralization of the exchange’s order book, transferring control of the protocol away from the development team and achieving true decentralization. They initiated a testnet for the new network on July 5. Currently, dYdX operates on StarkEx, a layer-2 solution of Ethereum.
Related: Evmos, Swing, Tashi, Wormhole collaborate to address Cosmos’ liquidity challenges
As per the October 23 announcement, the new code will empower the dYdX infrastructure to “run globally by DeFi [decentralized finance] enthusiasts.” Following the completion of the mainnet launch, the dYdX development team “will not run any part of the infrastructure behind any deployment of the new dYdX Chain.” The team did not provide a specific launch date for the mainnet, instead advising readers to “check out the blog post from the dYdX Operations subDAO” for further information.
In an October 4 post, the dYdX Operations subDAO suggested a phased mainnet launch. The proposed alpha phase will permit token holders to stake their tokens and receive staking rewards, although trading will not be available. The beta phase will allow trading and enable additional testing to take place. The post does not specify a launch date for either phase.
