The ‘alpha mainnet’ for dYdX version 4, along with the debut of the standalone Cosmos-based blockchain, was released today, signaling a remarkable transition for the leading decentralized derivatives platform. Today at 1:00 PM EST, dYdX Chain validators created the genesis block of the dYdX Chain.
The activation of the dYdX alpha mainnet marks the first phase in the transition to dYdX version 4 and the new community-managed Layer 1 blockchain. The transition involves developments on several testnets during this year.
“After years of development, five testnets with more than sixty validators and leading trading firms, the dYdX Chain has been officially launched by the community and DAO,” Charles d’Haussy, CEO of the dYdX Foundation, told The Block. “This marks a monumental leap forward for the dYdX ecosystem that represents a new chapter defined by full decentralization.”
The alpha version is built on the Cosmos SDK and introduces an independent blockchain tailored to the project’s requirements. This development follows the recent public release of the open source code for the dYdX blockchain.
Alpha Mainnet Objectives
In this alpha phase, the mainnet is mainly intended to subject the network to a stress test. There are currently more than 60 validators on board to ensure network security. Another beta launch is planned, pending approval by a community board vote, which will eventually enable trading on the network.
In today’s first phase, validators for dYdX will enroll by submitting a genesis file, as noted by Cosmos-based development company Cosmostation, which plans to operate a dYdX validator.
Previously dependent on StarkEx, an Ethereum Layer 2 scaling solution, dYdX ranks as the most comprehensive decentralized derivatives trading platform in crypto, with cumulative volume of over $1 trillion since 2020.