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dYdX Chain Finally Kicks off in Open Source, Welcomes dApps

source-logo  u.today 25 October 2023 16:20, UTC
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Introduced as a standalone app chain, dYdX Chain is able to handle 2,000 transactions per second. It also brings decentralization to many trading instruments for dYdX users, including orderbook, matching engine and so on. Starting from Oct. 24, 2023, dYdX Chain is fully open source for all customers and developers.

dYdX Chain is now live and fully open source

dYdX Chain is a programmable L1 blockchain based on Cosmos' Tendermint algorithm and proof-of-stake (PoS) consensus. It can support all types of decentralized applications (dApps) and is fully open source, per the announcement of the dYdX exchange team.

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
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The range of components available open source includes the protocol, orderbook, frontend and other software elements crucial for dYdX Chain operations.

Initially, the launch of a standalone blockchain was announced as part of the dYdX v4 upgrade in 2022. Over the last 16 months, the team of the crypto exchange worked on the development of the new network, making it suitable for dApps' needs.

Blockchain veteran Antonio Juliano, founder of dYdX, stressed the importance of the release of dYdX Chain for the entire DeFi ecosystem:

Today's release of dYdX Chain is a huge moment for both dYdX and DeFi. With $1 billion in crypto derivatives traded per day, dYdX has become a leader in DeFi. The dYdX Chain software release marks the full decentralization of dYdX, and is a big step on our mission to democratize access to financial opportunity.

He also highlighted the meaning of dYdX v4 for the decentralized status of the protocol: the further development of dYdX Chain will be governed and observed by dYdX Operations SubDAO.

$DYDX crypto price jumps by 28% in week

Developers also released an iOS mobile application for the new release, while the Android version is on its way. As such, DeFi teams can start experimenting with the new blockchain on Tendermint.

The announcement triggered optimism among holders of $DYDX, the core native cryptocurrency of the dYdX exchange and, most recently, a novel L1 blockchain.

Yesterday, its price jumped to $2.45 and set a new five-month high. In the past seven days, the price of $DYDX spiked by over 28%, per CoinMarketCap's data.

u.today