THE DAILY ENCRYPT

August 14, 2022

dYdX Looks to Further Expand it’s Blockchain

dYdX is a well-known derivatives exchange that will create a new blockchain on Cosmos and expand its reach. The exchange is still deciding what to...
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dYdX is a well-known derivatives exchange that will create a new blockchain on Cosmos and expand its reach. The exchange is still deciding what to do with StarkEx’s current version.
dYdX is a well-known crypto derivatives exchange that has revealed a major plan to build its own Cosmos-based Blockchain as part of the dYdX V4 upgrade. This is a major expansion of the Ethereum ecosystem.

dYdX was founded in 2018 and has a trading volume exceeding $600,000,000 over the past 24 hours according to CoinGecko data. StarkEx is an Ethereum Layer 2 scaling network that Starkware developed.

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Wednesday’s announcement by dYdX Trading, a development team behind dYdX announced that it plans to create its own chain using Cosmos SDK. This software development kit is used by projects within the Cosmos ecosystem.

Antonio Juliano, founder of dYdX, stated that while it is still untested how to develop a decentralized off-chain orderbook and matching engine, and move from Ethereum to a dYdX specific chain as a major DeFi protocol, this gives the dYdX ecosystem the best chance at having a network that could provide a long-term competitive product experience with centralized exchanges.

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The announcement said that dYdX’s new chain would make the project decentralized and more controlled by a distributed group of validators than just the founding team. Juliano said that it is likely to launch within the next few months.

A spokesperson for dYdX stated that the company has not yet made a decision on plans for its StarkEx version. The spokesperson stated that they are still evaluating what to do with Starkware’s existing V3 system.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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