dYdX outline plans for full decentralization in late 2022
The blog post prompted participants of the platform to “trust code instead of corporations” in their pursuit of decentralization. dYdX, the layer-two derivates protocol, has published the fourth iteration of its roadmap detailing its intentions to evolve into an open-source, community-governed and fully decentralized exchange by the end of this calendar year.The platform currently runs on a hybrid model whereby a portion of operations are decentralized, most notably staking and governance, while other components, such as the off-chain order book and matching engine, are managed by dYdX....
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The protocol chose Cosmos as the best fit as it would not only need decentralization but also the ability to handle and scale 1,000 orders per second. On Thursday, crypto derivatives platform dYdX, which is currently built on Ethereum layer 2, announced that it would be moving to a standalone blockchain based on the Cosmos SDK and Tendermint proof-of-stake consensus for its v4 update. The firm cites the Cosmos blockchain's decentralization and performance as reasons for being a "best fit" for building dYdX for v4.We’re excited to announce that dYdX V4 will be developed as a standalone....
Perpetual contract trading platform dYdX has launched an app for users outside of the U.S. that will offer the same functionality as its website. Crypto derivatives trading platform dYdX has officially launched an app via Apple’s iOS store, joining just a select number of fellow decentralized finance (DeFi) protocols that have built apps for smartphone adoption. According to a May 10 announcement, dYdX’s app is now ready for use, with the project noting that more than 200,000 people had already signed up for the beta before the full launch. The app offers gas-free deposits and trading, and....
dYdX said that it is looking at full decentralization to offer its users advantages of DeFi that centralized services can’t. Ethereum Layer 2-based crypto derivatives trading platform dYdX has vowed to become “100% decentralized by EOY” via the protocol's V4 update. dYdX primarily offers perpetual contracts, which are derivatives products that borrow elements from both spot margin trading and futures trading but do not have an expiry date. At present only certain components of dYdX are decentralized, including its Ethereum smart contracts, governance and staking. However its “orderbook and....
Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. The team behind the project made the announcement this morning leading to a positive reaction for its governance token, DYDX. Related Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green? At the time of writing, this token trades at $1.50 with an 8% profit in the last 24 hours for its USDT trading pair and a 10% profit on its ETH trading pair. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate....
The decentralized exchange (dex) Dydx announced the organization has raised $65 million in a Series C funding round led by Paradigm. The Dydx announcement notes that the additional capital will be leveraged to “significantly improve liquidity” on the dex platform “through the volatility of the cryptocurrency markets.” Defi Exchange Dydx Raises $65 million from Strategic Investors On Tuesday, the Ethereum-based decentralized finance (defi) exchange Dydx revealed the project has raised $65 million in a Series C funding round. The round was led by Paradigm but funding....