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Cosmos-based layer 1 dYdX Chain has achieved a significant milestone with the recent release of its beta mainnet phase, marking the start of a live trading interface propelled by a community governance vote.
The Beta Stage is live on https://t.co/hUHzHf2j0R 🎉
After the dYdX community voted to transition to the Beta Stage, the dYdX Chain now offers
📊 Perpetual Trading in 33+ Markets
🤝 Trading Fees accrue to Validators and StakersRead the blog 👇https://t.co/lSDetby2kn pic.twitter.com/nvejnXX3xl
— dYdX Ops subDAO (@dydx_ops_subdao) November 13, 2023
According to the blog announcement published on November 13 by dYdX Operations subDAO, the beta mainnet will allow users to experience a scalable onchain environment.
The Beta period for the dYdX Chain run by the dydx_ops_subdao is here! 🔥🔥
Traders can now start trading on the dYdX Chain in a limited capacity.
Try it out: https://t.co/v3TXeNvCwf https://t.co/dpid8Ky1nf
— dYdX (@dYdX) November 13, 2023
The dYdX Chain went live on October 24 and initially offered up to 2,000 transactions per second (TPS) and decentralized protocols, including an order book.
1/ It’s finally here 🎉
Today, we’re proud to present and fully open-source the completed dYdX Chain!
This is the next chapter for dYdX and we’re so excited that it’s here.
Let’s get into the details:https://t.co/ydil2jkqJs
— dYdX (@dYdX) October 24, 2023
However, a community vote was initiated to switch trading on all markets from post-only to active, with support from over 99% of members.
This resulted in the recent launch of the beta mainnet, which will serve as a critical testing phase for live trading.
With over 33 active perpetual markets, the dYdX Chain is fully operational for trading, offering an impressive 20x leverage to traders. However, due to its beta structure, users can expect frequent stability and interface quality improvements.
Additionally, the new mainnet, at this stage, will not support trading rewards. Instead, validators and stakers will earn a portion of accumulated trading fees.
It's important to note that while no trading rewards will be distributed during the Beta Stage Validators & Stakers will accumulate trading fees
The Beta Stage rigorously tests the dYdX Chain’s capabilities, be vigilant to monitor the dYdX Chain before trading significant size
— dYdX Ops subDAO (@dydx_ops_subdao) November 13, 2023
One key objective of dYdX is efficient fee distribution to contributors. Already, it scales past the Ethereum blockchain in terms of speed, throughput, and low fees.
There is, however, a daunting task of getting stakers to transfer their DYDX tokens from Ethereum to the dYdX Chain.
A bridge portal has been created for token transition for users to deposit DYDX into the smart contract on Ethereum.
Traders making this transition will be issued wethDYDX tokens on the dYdX Chain. The process will take 38 hours to complete. Once done, users can stake their tokens on the native chain and earn a share of trading fees.
Furthermore, the platform expressed commitment to ensuring transparency and promises to deliver updates to the dYdX community.
dYdX Continues Red-Hot Trajectory
The dYdX community has waited patiently for the debut of the dYdX Chain and its promise of a simplified environment for quick and efficient on-chain leveraged trades.
🎉 Congratulations! The dYdX Chain mainnet has officially launched on Cosmos @dYdX
The #Perp Dexes are evolving -> …🤖… https://t.co/W1P3ltLPDM
— GMBot (@GMBotApp) October 27, 2023
Built on the Cosmos chain, the network employs the robust ComeBFT consensus mechanism. Initially launched on the Ethereum blockchain in 2019, the original dYdX quickly attracted traders seeking access to the leveraged crypto market.
In no time, the decentralized platform recorded a $1 million volume daily, an impressive milestone when the era of DEX was relatively new.
As dYdX grew and Ethereum network fees scaled, it became evident that the two networks needed to split. This led to dYdX migrating to an architecture best suited for its trading system.
Creating and launching the dYdX Chain took considerable time, with each new phase requiring its vibrant community to vote.
With the beta phase active, the dYdX Chain will process additional testing of a live trading environment to ensure optimal network performance.
On the other hand, investors will have the chance to experience a nascent and responsive base layer for trading, with a series of benefits that include low fees.