dYdX Officially Launches the dYdX Chain
The much-anticipated dYdX Chain has officially launched its Alpha mainnet on October 26, 2023, marking a significant milestone in the world of decentralized finance. The dYdX Chain, built on Cosmos SDK, is a standalone Layer 1 blockchain designed to cater to the specific needs of various projects.
This momentous event comes after months of development, five testnet iterations, and the support of over 60 validators and leading trading companies. Charles d’Haussy, CEO of the dYdX Foundation, expressed his excitement, stating, “After many years of development, going through five testnets with the support of over 60 validators and leading trading companies, the community and DAO officially present the dYdX Chain. This event is seen as a significant leap forward for the dYdX ecosystem, opening a new chapter for the project.”
The dYdX Chain has officially launched 🎉
At 17:00 UTC today, dYdX Chain Validators created the Genesis block of the dYdX Chain
— dYdX Ops subDAO (@dydx_ops_subdao) October 26, 2023
dYdX, one of the largest derivatives exchanges in the cryptocurrency market, has been consistently growing in the past years. According to the dYdX Foundation’s annual report, in 2022, the platform witnessed a trading volume of $466.3 billion, a remarkable 140% increase compared to 2021.
The launch of the Alpha mainnet on October 26th marks the beginning of the Post-Genesis phases, which consist of the Alpha and Beta stages.
Alpha Phase: Network Gains Security
The Alpha phase, scheduled for October 30, 2023, places a crucial emphasis on strengthening the network’s stability and security. To achieve this, the amount of DYDX tokens staked to the validators of the dYdX Chain plays a pivotal role. A substantial commitment of DYDX tokens is envisaged to be staked to dYdX Chain validators to ensure a robust security infrastructure before transitioning to the Beta stage, which will be subject to governance decisions.
The bridging process is integral to the Alpha phase, designed to facilitate the seamless transition of assets from ethDYDX to DYDX on the dYdX Chain. The public bridge front end is scheduled to go live on October 30, 2023, pending an official announcement.
During the Alpha phase, it’s essential to note that the markets will operate in a ‘Post-Only’ mode, meaning trading activities will be restricted. In the subsequent Beta phase, the dYdX Operations subDAO will make both the front-end and indexer operational, allowing for limited trading.
The launch of the dYdX Chain Alpha mainnet represents a significant step forward in the development of decentralized finance, bringing new possibilities and opportunities for the dYdX ecosystem and the broader cryptocurrency market.
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