dYdX to launch its own blockchain in the Cosmos ecosystem

The decentralised derivatives exchange dYdX announced the creation of its own network using Cosmos SDK.

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We’re excited to announce that dYdX V4 will be developed as a standalone Cosmos-based blockchain! 🔗🎉https://t.co/zQzZMIpzWO

— dYdX (@dYdX) June 22, 2022

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Its launch will come as part of the dYdX V4 upgrade, which envisages moving beyond the Ethereum ecosystem.

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According to the dYdX Trading development team, the new version of the network will feature a fully decentralised autonomous order book and a matching engine. It is expected to allow the exchange to scale its throughput.

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The new dYdX network will be governed by a distributed set of validators, not solely by the founding team. The upgrade launch is expected in the coming months.

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The exchange currently operates on StarkEx, an Ethereum-based second-layer solution developed by StarkWare. The developers have not yet decided what they will do with the current blockchain version after the upgrade.

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Back in May, StarkWare raised $100 million at an $8 billion valuation.

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