dYdX Chain was introduced as a standalone app chain and can process 2,000 transactions per second. It also brings decentralization to many trading tools for dYdX users, including order book, matching engine and so on. As of October 24, 2023, dYdX Chain will be fully open source for all customers and developers.
dYdX Chain is now live and completely open source
dYdX Chain is a programmable L1 blockchain based on Cosmos’ Tendermint algorithm and proof-of-stake (PoS) consensus. It can support all types of decentralized applications (dApps) and is completely open source, according to the dYdX exchange team’s announcement.
1/ The time has finally come
Today we proudly present the completed dYdX Chain, which is completely open source!
This is the next chapter for dYdX and we’re so excited that it’s here.
Let’s look at the details: https://t.co/ydil2jkqJs
— dYdX (@dYdX) October 24, 2023
The range of components available open source includes the protocol, order book, frontend and other software elements critical to dYdX Chain operations.
Initially, the launch of a standalone blockchain was announced as part of the dYdX v4 upgrade in 2022. Over the past 16 months, the crypto exchange’s team has been working on developing the new network, making it suitable for the needs of dApps .
Blockchain veteran Antonio Juliano, founder of dYdX, emphasized the importance of the release of dYdX Chain for the entire DeFi ecosystem:
Today’s release of dYdX Chain is a big moment for both dYdX and DeFi. With $1 billion worth of crypto derivatives traded per day, dYdX has become a leader in DeFi. The dYdX Chain software release marks the complete decentralization of dYdX and is a major step in our mission to democratize access to financial opportunities.
He also emphasized the significance of dYdX v4 for the decentralized status of the protocol: the further development of dYdX Chain will be controlled and observed by dYdX Operations SubDAO.
DYDX Crypto Price Rises 28% This Week
Developers have also released an iOS mobile application for the new release, while the Android version is on its way. As such, DeFi teams can start experimenting with the new blockchain on Tendermint.
The announcement sparked optimism among holders of DYDX, the dYdX exchange’s main native cryptocurrency and, most recently, a new L1 blockchain.
Yesterday, the price rose to $2.45, hitting a new five-month high. Over the past seven days, DYDX’s price has risen more than 28%, according to CoinMarketCap data.