The open-source code for the dYdX cryptocurrency exchange’s forthcoming Cosmos-based network has been released.
According to an October 23 blog post, cryptocurrency exchange dYdX has released the open source code for its new Cosmos-based network of the same name. The new code comprises “protocol, order book, front-end, and more,” according to the post. The code’s release is meant to pave the way for the mainnet launch, which is being organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.
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According to Coingecko, DYdX is one of the largest non-custodial cryptocurrency exchanges, with over $2.6 billion in daily trading activity. It does, however, rely on a centralized order book to connect traders with market makers. It is sometimes seen as not being really decentralized because of its order book.
The dYdX team has been working on a new Cosmos-based dYdX chain that they claim will allow them to decentralize the exchange’s order book, removing the protocol from the development team’s hands and making it truly decentralized. On July 5, they unveiled the new network’s testnet. DYdX is now running on StarkEx, an Ethereum layer-2.
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The new code, according to the October 23 post, will allow the dYdX infrastructure to be “run globally by DeFi [decentralized finance] enthusiasts.” Following the completion of the mainnet launch, the dYdX development team “will not run any part of the infrastructure behind any deployment of the new dYdX Chain.” The team has not specified an official launch date for the mainnet. Instead, it advised visitors to “check out the blog post from the dYdX Operations subDAO” for more information.
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The dYdX Operations subDAO proposed a gradual mainnet rollout in an October 4 publication. Token holders will be able to stake their tokens and collect staking incentives during the proposed alpha phase, but trading will not be available. Trading and further testing will be possible during the beta phase. The post does not specify a start date for either phase.
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When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
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