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The Dydx chain, a proof-of-stake blockchain network, has successfully launched its mainnet and introduced dydx as its layer one (L1) token. On October 26, at 1 p.m. EDT, the network's validators created the first block, signifying the start of a new era for the Dydx chain.
The cryptocurrency market saw an eventful week with bluechips, memecoins and gaming tokens all taking part in the rally, signaling that crypto winter might be thawing. Floki Inu (FLOKI) topped the list with a whopping 85% gain as the memecoin continued its recent price surge, partially due to the TokenFi platform announcement.
On October 26, the dYdX Foundation officially pivoted from running an Ethereum layer-2 blockchain to supporting the layer-1 dYdX Chain (DYDX). This move can create more demand for its native token DYDX, which validators are staking to secure the network, and users are spending for the gas fees.
The dYdX Foundation has launched the dYdX Chain mainnet, a significant development that enhances the utility of the DYDX token in the realms of staking, security, and governance. This proof-of-stake network, built using the Cosmos SDK, positions DYDX as its Layer 1 token, further cementing its role in the dYdX Chain.
Stakers and validators will also earn all of the newly launched chain's fees for helping to secure the dYdX Chain.
dYdX completes the launch of its layer 1 proof-of-stake blockchain with the creation of its genesis block by chain validators.
The dYdX Chain will allocate all accrued fees to its network validators and stakers, while tokens will need to be staked to vote on governance matters.
This shift denotes a substantial evolution for the project, moving it to a standalone Cosmos-based blockchain after previously relying on Ethereum Layer 2 scaling solution StarkEx.
In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama.
The dYdX version 4 and its standalone Cosmos blockchain has rolled out is alpha mainnet phase.
Crypto exchange dYdX has published open-source code for its new Cosmos-based blockchain. The new code includes “protocol, order book, interface and more,” the release said.
When it comes to crafting content, three essential elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text.
Introduced as a standalone app chain, dYdX Chain is able to handle 2,000 transactions per second. It also brings decentralization to many trading instruments for dYdX users, including orderbook, matching engine and so on.
In a groundbreaking move that highlights the principles of blockchain transparency, the decentralized exchange (DEX) dYdX has unveiled its latest initiative, ushering in the era of its version 4 upgrade. This significant development not only signifies a shift towards complete decentralization but also sets the stage for dYdX's transition from Ethereum's layer-2 network to a fully independent blockchain within the Cosmos ecosystem.
The transition of v4 to the mainnet will be decided through a governance vote overseen by the dYdX Foundation.
DYDX ranks first on the list of the top DeFi projects by Development Activity on 24 October. The token's price also turns bullish, but a few metrics pose concerns.
The dYdX crypto exchange published the open-source code for its upcoming Cosmos-based network.
The decentralized finance (DeFi) world has been closely observing the pioneering innovations brought forth by the dYdX decentralized exchange (DEX).
DYdX introduces a decentralized off-chain order book
In a major development within the cryptocurrency space, dYdX Trading, the company behind the decentralized derivatives exchange dYdX, has made a significant move towards decentralization. The firm has released the open-source code for its upcoming independent blockchain, marking the initial phase of the eagerly anticipated mainnet launch of dYdX Chain.
The principal developer of the decentralized derivatives exchange dYdX has publicly released the open-source code for its upcoming version 4.
The release of the open source code marks the initial phase of dYdX Chain's mainnet launch.
This marks the first step in initiation of the v4 upgrade, where the DEX is transitioning away from its layer-2 network atop Ethereum onto its own standalone blockchain.
In a candid and insightful conversation, Charles d'Haussy, a luminary in the blockchain industry, offers his perspectives on the present and future of the cryptocurrency market, the surging realm of decentralized finance (DeFi), and the transformative journey of dYdX, a standout name in the DeFi arena.
