dYdX Publishes Open-Source Code for New Cosmos-Based Network

Crypto exchange dYdX has released the open-source code for its new Cosmos-based network, paving the way for a phased mainnet launch, according to a recent blog post. The code includes the protocol, order book, front-end, and more, and is aimed at decentralizing the exchange's order book, making it truly decentralized. With over $2.6 billion in daily trading volume, dYdX is one of the largest non-custodial cryptocurrency exchanges.

Opening Up the dYdX Chain

dYdX, one of the leading non-custodial cryptocurrency exchanges, has announced the release of its open-source code for the new dYdX Chain. The code, which includes the protocol, order book, front-end, and more, is a significant step towards decentralizing the exchange's operations. By making the code available to the public, dYdX aims to involve DeFi enthusiasts in running the infrastructure globally.

The launch of the mainnet is being organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations. Once the mainnet is live, the dYdX development team will no longer be responsible for running any part of the infrastructure behind the new dYdX Chain.

Moving Towards True Decentralization

dYdX has been working on creating a new Cosmos-based dYdX chain to decentralize its order book. The current centralized order book has led to some skepticism about dYdX's decentralization claims. By leveraging Cosmos technology, dYdX aims to remove the protocol from the hands of the development team, making the exchange truly decentralized.

Currently, dYdX operates on StarkEx, a layer-2 solution built on top of Ethereum. The launch of the new dYdX Chain will provide an alternative infrastructure that is not dependent on Ethereum's scalability limitations.

Phased Mainnet Launch

The dYdX Operations subDAO has proposed a phased mainnet launch for the dYdX Chain. The alpha phase will allow token holders to stake their tokens and earn staking rewards, but trading will not be available. This phase will focus on testing and ensuring the stability of the network. The beta phase, which will follow the alpha phase, will enable trading and further testing to take place.

Although no official launch date has been announced, dYdX encourages readers to check out the blog post from the dYdX Operations subDAO for more information on the mainnet launch.

dYdX's move to open-source its code demonstrates its commitment to decentralization and transparency. By involving the community in running the network, dYdX aims to create a truly decentralized and community-driven cryptocurrency exchange.