{"id":62524,"date":"2023-10-24T15:02:22","date_gmt":"2023-10-24T19:02:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62524"},"modified":"2023-10-24T15:02:24","modified_gmt":"2023-10-24T19:02:24","slug":"dydx-publishes-open-source-code-for-new-cosmos-based-network","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/dydx-publishes-open-source-code-for-new-cosmos-based-network\/","title":{"rendered":"dYdX Publishes Open-source Code for New Cosmos-based Network"},"content":{"rendered":"\n

According to a blog post from October 23, the cryptocurrency exchange dYdX has released the open-source code for its upcoming Cosmos-based network<\/a> with the same name. <\/p>\n\n\n\n

\"dYdX
dYdX Publishes Open-source Code for New Cosmos-based Network<\/figcaption><\/figure>\n\n\n\n

The new code contains the “protocol, order book, front-end, and more,” according to the post. The publication of the code is intended to pave the way for the introduction of the mainnet, which is being coordinated by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.<\/p>\n\n\n\n

\n

1\/ It\u2019s finally here \ud83c\udf89

Today, we\u2019re proud to present and fully open-source the completed dYdX Chain!

This is the next chapter for dYdX and we\u2019re so excited that it\u2019s here.

Let\u2019s get into the details:https:\/\/t.co\/ydil2jkqJs\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— dYdX (@dYdX) October 24, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

According to Coingecko, DYdX is one of the largest non-custodial cryptocurrency exchanges, with a daily transaction volume<\/a> of over $2.6 billion.\u00a0<\/p>\n\n\n\n

It relies on a centralized order book to connect traders with market makers. Due to this order book, it is occasionally considered not genuinely decentralized. <\/p>\n\n\n\n

The dYdX team has been attempting to establish a new Cosmos-based dYdX chain, which they claim will decentralize the exchange's order book by removing the protocol from the development team's control and making it truly decentralized. On July 5, they launched a testnet for the new network. Currently, DYdX operates on StarkEx, a layer-2 Ethereum implementation<\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n

According to an October 23 post, the new code will enable the dYdX infrastructure to “run globally by DeFi [decentralized finance] enthusiasts.” Once the mainnet launch is complete, the dYdX development team “will not run any part of the infrastructure behind any deployment of the new dYdX Chain.” <\/p>\n\n\n\n

The team has not announced an official mainnet launch date. Instead, it suggested that readers “check out the blog post from the dYdX Operations subDAO” for additional information.<\/p>\n\n\n\n

The dYdX Operations subDAO proposed a phased mainnet launch in an October 4 post. Token holders can stake their tokens and receive staking rewards<\/a> during the proposed alpha phase, but trading is impossible. The beta phase will facilitate trading and permit additional testing. The post does not mention a launch date for either phase.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a blog post from October 23, the cryptocurrency exchange dYdX has released the open-source code for its upcoming Cosmos-based network with the same name. The new code contains the “protocol, order book, front-end, and more,” according to the post. The publication of the code is intended to pave the way for the introduction […]<\/p>\n","protected":false},"author":12,"featured_media":26551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[16906,14906,16907],"class_list":["post-62524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-cosmos-based-network","tag-dydx-exchange","tag-open-source-code"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-61.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62524"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/26551"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}