In an October 23rd blog release, dYdX, the crypto exchange, revealed the open-source code for its upcoming Cosmos-based network, under the same moniker. This publication encompasses the “protocol, order ledger, user interface, and more,” as articulated in the post.
The purpose of this code release is to set the groundwork for the forthcoming mainnet launch. This launch is part of the responsibilities assigned to the dYdX Decentralized Autonomous Organization, which is specifically dedicated to Operations.
With more than $2.6 billion in daily trading volume, as reported by Coingecko, dYdX stands as one of the most substantial non-custodial cryptocurrency exchanges. Yet, its reliance on a centralized order ledger occasionally sparks doubts about its decentralization.
The dYdX team has been working diligently on a new Cosmos-rooted dYdX chain. Their objective is to take control of the exchange’s order ledger away from the development team and achieve true decentralization. On July 5th, they launched a testnet for this innovative network. Currently, dYdX operates on StarkEx, a layer-2 solution for Ethereum.
Key Milestones in dYdX’s Mainnet Launch Plan
The October 23rd blog post announces that the new code will fuel dYdX’s global expansion in the DeFi space. Once the mainnet launch concludes, the dYdX development team will cede control over any part of the infrastructure supporting the new dYdX Chain.
An official mainnet launch date has not been revealed. Instead, readers are advised to refer to the dYdX Operations SubDAO blog post for more details.
In a blog post from October 4th, the dYdX Operations SubDAO presented a phased plan for the mainnet launch. The initial alpha phase will enable token holders to stake their assets and receive staking incentives, although trading will not be viable at this stage.
The subsequent beta phase will introduce trading capabilities and foster additional testing endeavors. Specific launch dates for these phases have not been specified.
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