dYdX developers launch their own L1 blockchain built on Cosmos

The dYdX team deployed the fourth version of the decentralized crypto-derivatives exchange on an autonomous blockchain in the Cosmos ecosystem.

The dYdX Chain has launched ⛓️ https://t.co/olgePCDN0G

— dYdX Foundation ? (@dydxfoundation) October 26, 2023

The developers have successfully formed the genesis block of the mainnet.

In this alpha phase, the mainnet is primarily aimed at stress-testing parameters. The team is deploying more than 60 validators to ensure security.

A subsequent beta launch is planned, which will require community approval. It will allow trading to commence.

“After several years of development, five test networks with over 60 validators and leading trading firms, the community and DAO officially launched the dYdX blockchain,” — shared with The Block CEO of the Dydx Foundation Charles d’Haussi.

On July 5, the project team activated a public testnet based on Cosmos and the Tendermint consensus protocol.

It was reported that on the exchange исчезнет the centralized order book and order-matching engine. At the same time, the platform will not use AMM algorithms.

As a result of the migration, the main token will be replaced by wethDYDX, which will have the same governance functions.

In August, dYdX unlocked 6.52 million DYDX tokens worth $13.82 million.

In April, the decentralized exchange left Canada due to regulatory pressure.