Exploring the Phased Mainnet Launch of dYdX’s Open-Source Code

Exploring Web 3.0 Through dYdX’s Cosmos-Based Network

Crypto exchange dYdX recently released the open source code for its Cosmos-based network, as stated in an October 23 blog post. This code includes the “protocol, order book, front-end, and more”. The release of this code is meant to pave the way for the mainnet launch, which is being organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.

dYdX is one of the biggest non-custodial cryptocurrency exchanges, with over $2.6 billion in daily trading volume according to Coingecko. However, it currently relies on a centralized order book to match traders with market makers, making it not truly decentralized. The dYdX team has been working to create a Cosmos-based dYdX chain that will decentralize the exchange’s order book, taking the protocol out of the hands of the development team and making it fully decentralized. They launched a testnet of the new network on July 5, and it currently runs on StarkEx, a layer-2 of Ethereum.

The October 23 post states that the new code will allow the dYdX infrastructure to “run globally by DeFi [decentralized finance] enthusiasts”. After the mainnet launch, the dYdX development team will no longer operate any part of the infrastructure behind the new dYdX Chain. For more information on the launch date, readers are advised to check out the blog post from the dYdX Operations subDAO.

Web 3.0 is an exciting new development in the world of decentralized finance, and dYdX is leading the way with its Cosmos-based network. With this new code, users can learn how to invest in Web 3.0 tokens, create a Web 3.0 website, and explore the world of DeFi NFTs, DAOs, and Web 3.0. It’s an exciting time to be involved in the crypto space, and dYdX is at the forefront of the revolution.

On October 4, the dYdX Operations subDAO proposed a two-phase mainnet launch. During the alpha phase, token holders will be able to stake their tokens and receive staking rewards, but trading will not be available. The beta phase will enable trading and further testing. Unfortunately, no launch date for either phase was mentioned in the post.