The dYdX crypto exchange published the open-source code for its upcoming Cosmos-based network.
Crypto exchange dYdX has published the open source code for its new Cosmos-based network of the same name, according to an October 23 blog post. The new code includes the “protocol, order book, front-end, and more,” the post stated. The publication of the code is intended to pave the way for a mainnet launch, which is being organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.
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
DYdX is one of the largest non-custodial cryptocurrency exchanges, with over $2.6 billion in daily trading volume, according to Coingecko. However, it relies on a centralized order book to match traders with market makers. Because of this order book, it’s sometimes regarded as not being truly decentralized.
The dYdX team has been trying to create a new Cosmos-based dYdX chain they say will allow them to decentralize the exchange’s order book, taking the protocol out of the hands of the development team and making it truly decentralized. They launched a testnet of the new network on July 5. DYdX currently runs on StarkEx, a layer-2 of Ethereum.
Related: Evmos, Swing, Tashi, Wormhole team up to solve Cosmos’ liquidity issues
According to the October 23 post, the new code will allow the dYdX infrastructure to “run globally by DeFi [decentralized finance] enthusiasts.” Once the mainnet launch is complete, the dYdX development team “will not run any part of the infrastructure behind any deployment of the new dYdX Chain.” The team did not state an official launch date for mainnet. Instead, it stated that readers should “check out the blog post from the dYdX Operations subDAO” to learn more.
In an October 4 post, the dYdX Operations subDAO proposed a phased mainnet launch. The proposed alpha phase will allow token holders to stake their tokens and earn staking rewards, but trading will not be possible. The beta phase will enable trading and allow further testing to occur. The post does not state a launch date for either phase.