Cryptocurrency exchange dYdX has released the open source code for its new Cosmos-based network of the same name, according to an Oct. 23 blog post.new code include “Protocols, order books, front-end, etc.,” the post said. The release of the code is intended to pave the way for the launch of the mainnet, which is organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO operating organization.
1/Finally here
Today, we are proud to present and fully open source the complete dYdX chain!
This is the next chapter for dYdX and we are very excited about it.
Let’s find out in detail:https://t.co/ydil2jkqJs
— dYdX (@dYdX) October 24, 2023
According to Coingecko, DYdX is one of the largest non-custodial cryptocurrency exchanges, with a daily trading volume of over $2.6 billion. However, it relies on a centralized order book to match traders and market makers. Because of this order book, it is sometimes considered not to be truly decentralized.
The dYdX team has been trying to create a new Cosmos-based dYdX chain, which they say will allow them to decentralize the exchange’s order book, taking the protocol out of the hands of the development team and making it truly decentralized. They launched a testnet of the new network on July 5th. DYdX currently runs on Ethereum’s second layer, StarkEx.
related: Evmos, Swing, Tashi, Wormhole join forces to solve Cosmos liquidity problem
According to the Oct. 23 post, the new code will allow dYdX infrastructure to be “run globally by DeFi (decentralized finance) enthusiasts.” Once the mainnet launch is complete, the dYdX development team “will not be running any part of the infrastructure behind any deployment of the new dYdX chain.” The team did not specify an official launch date for the mainnet. Instead, it states that readers should “check out the dYdX Operations subDAO blog post” for more information.
In an Oct. 4 post, dYdX Operations subDAO suggested Mainnet launch in stages. The proposed alpha phase will allow token holders to stake their tokens and receive staking rewards, but will not be able to trade. The testing phase will enable trading and allow further testing. The post did not indicate a launch date for either phase.
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