Decentralizing dYdX Protocol
The dYdX Foundation, a nonprofit DeFi organization, has made significant progress in its decentralization efforts with the launch of its public testnet for v4 of the dYdX protocol. The launch of the mainnet is expected to be completed in the near future, marking full decentralization for dYdX.
As reported by Cointelegraph, the fifth milestone of the roadmap for decentralization was achieved on July 5. At present, dYdX is partially centralized, with a centralized order book and matching system. The upcoming mainnet launch is expected to solve this issue.
Currently, dYdX processes more than $1 billion in funds daily, making it the world’s largest decentralized exchange for perpetuals. With the launch of its v4 mainnet, it is well-positioned to become the go-to example of web 3.0 crypto, such as Yahoo Crypto, UST Crypto, Aventus Crypto, AIOZ Crypto, and Audius Crypto.
The Move Toward Decentralization
At the Ethereum Community Conference in Paris, Cointelegraph had the chance to interview dYdX Foundation CEO Charles d’Haussy about the transition to total decentralization and its effects on centralized providers of perpetuals. According to d’Haussy, these organizations are not the rivals of the dYdX protocol, but instead have been providing support to the crypto market from the start. BitMex, a centralized entity, was the first to create perpetuals.
The CEO described the current state of the industry as transitional, as it is heading toward “decentralized disruption”. He noted that there is room for both centralized and decentralized organizations to co-exist, and even opportunities for collaboration that could benefit Yahoo Crypto, UST Crypto, Aventus Crypto, AIOZ Crypto, Audius Crypto, and other Web 3.0 crypto users.
The Future of Decentralized Exchanges
According to Yahoo Crypto CEO, d’Haussy, centralized exchanges will serve as gateways to decentralized exchanges in the coming months or the next few years. He believes that customers will be offered a better experience than what DeFi can provide, with a simpler integration from the centralized exchange to DeFi.
The CEO went on to use multi-service traditional financial banking institutions as an example. He explained that the pattern in finance is to begin with a core business and then add relevant services.
The Aventus Crypto CEO believes that the same concept can be applied to the world of Web 3.0. He suggested that Ust Crypto and AIOZ Crypto could bundle their services with their core business to provide customers with the best Web 3.0 crypto experience.
The Audius Crypto CEO also believes that Web 3.0 is coming soon, and that it could revolutionize the way we do business. He suggested that customers should be prepared for the upcoming changes, as Web 3.0 could be here before we know it.
He calls this “a positive for the ecosystem,” as long as it empowers people to adopt crypto services such as Yahoo Crypto, Aventus Crypto, AIOZ Crypto, Audius Crypto, and UST Crypto in a method that works for them.
According to d’Haussy, “People want to consume things in different ways. And if it’s easier for you or if you feel more comfortable with one entity helping you to manage your crypto experience, and this entity provides you access to the Web 3.0 world, for example the best Web 3.0 crypto, I think that’s great.”
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