dYdX Gears Up for Mainnet with Open-Source Code Release

In a significant move towards decentralization, dYdX, one of the leading non-custodial cryptocurrency exchanges, has made its open-source code public. This strategic release is a precursor to the phased mainnet launch of its Cosmos-based network, marking a pivotal moment in the platform’s evolution.

On October 23, the dYdX team shared a blog post detailing the release of the open-source code, which encompasses the protocol, order book, front-end, and additional components. This initiative is spearheaded by the dYdX Decentralized Autonomous Organization (dYdXDAO), specifically the SubDAO on Operations, which is orchestrating the mainnet launch.

The exchange is renowned for its impressive daily trading volume, surpassing $2.6 billion, as reported by Coingecko. However, its reliance on a centralized order book to connect traders with market makers has raised questions about its decentralization credentials. The new Cosmos-based dYdX chain aims to address this by decentralizing the exchange’s order book, thereby relinquishing control from the development team and achieving true decentralization. The testnet for this network went live on July 5, with the platform currently operating on StarkEx, a second layer of Ethereum.

The October 23 announcement highlights that the open-source code will empower DeFi enthusiasts worldwide to run the dYdX infrastructure. Post-mainnet launch, the dYdX development team will step back, not running any part of the infrastructure behind any deployment of the new dYdX Chain. However, the team has yet to announce an official launch date for the mainnet.

The dYdX Operations subDAO has outlined a phased approach to the mainnet launch in an October 4 post. The alpha phase will enable token holders to stake their tokens and earn rewards, though trading will remain inactive. The subsequent beta phase will introduce trading capabilities and facilitate further testing. Specific dates for these phases are yet to be disclosed.

This development marks a significant stride for dYdX, as it transitions towards a decentralized future, ensuring that its infrastructure is in the hands of the global DeFi community. The team’s commitment to transparency and decentralization is evident, as they pave the way for a new era of decentralized trading on the dYdX platform.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Bullish Times is a marketing agency committed to providing corporate-grade press coverage and shall not be liable for any loss or damage arising from reliance on this information. Readers should perform their own research and due diligence before engaging in any financial activities.