Welcome to the exciting world of blockchain innovations, where dYdX, a prominent name in the realm of decentralized derivatives exchanges, just unveiled its new source code for everyone to see. It’s not just any code – it’s the blueprint for their upgraded dYdX Chain, paving the way for its upcoming mainnet launch.
Let’s dive right into the details!
What’s New with dYdX?
Famous for their decentralized derivatives exchange, dYdX is taking another bold step. The company recently publicized the open-source code of their revamped dYdX Chain, gearing up for its mainnet debut. It’s essentially the next big thing for them – dYdX V4.
The brains behind this initiative, Antonio Juliano, dYdX Trading’s Founder and CEO, shared his enthusiasm about the new venture. He believes that this move amplifies transparency and fortifies security in derivatives trading. What’s more, this exchange isn’t swayed by external influence – it’s steered by its users and pure code.
Transitioning Tech Foundations
In the tech trenches, dYdX is making a significant leap. The company is moving from an Ethereum-based layer-2 blockchain to embrace the power of a Cosmos-based proof-of-stake protocol. And guess who’s at the helm of its security and governance? None other than the DYDX token holders.
For the launch of the mainnet, dYdX didn’t just roll out the code. They’ve proposed it for governance, which means DYDX token holders and several third-party stakeholders (validators, nodes, and community contributors) will have a say in its approval and final implementation.
Worried about the existing dYdX exchange? Fret not. The company has ensured that this move won’t disrupt the current exchange. Both platforms will function side by side for a time they’ve chosen to keep hush-hush.
The Test Runs and Secure Backings
Earlier this year, in March, the dYdX Chain testnet made its debut. Since then, it’s undergone multiple refinements. Word from Nathan Cha, dYdX’s marketing head, is that this testing phase was fruitful, ironing out potential issues to ensure smooth operations.
And if you’re concerned about security, breathe easy. An audit from Informal System, a reputable blockchain auditor, gave the dYdX Chain’s open-source code a clean chit.
A crucial point to note: dYdX Trading is stepping back from directly managing the infrastructure behind the dYdX Chain. Instead, third-party entities will take over the operations.
Commitment Beyond Profits
On top of these developments, dYdX recently transitioned its company charter to a Public Benefit Corporation (PBC). What does that mean? In simple terms, while the firm aims for profits, it’s also dedicated to positively impacting society and our environment.
The Future is Permissionless
The upgraded dYdX Chain promises a permissionless experience. Users from virtually anywhere can hop on. However, a heads-up: U.S. users, along with a few countries facing U.S. economic sanctions, won’t have access to this new platform. And while the open-source nature means dYdX Trading can’t dictate its use, they’ve made sure the license terms prevent misuse.
In Nathan Cha’s words, while dYdX Trading is committed to ensuring utmost legal compliance, the company won’t be behind the wheels of the new dYdX Chain’s infrastructure. Instead, it’s a field open for third-party management.
So, there you have it – a new dawn for dYdX and an exciting future for blockchain enthusiasts!
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- Source: https://cryptocoin.news/news/dydxs-new-era-with-cosmos-powered-chain-source-code-94545/?utm_source=rss&utm_medium=rss&utm_campaign=dydxs-new-era-with-cosmos-powered-chain-source-code
