dYdX Exchange Open-Sources Code in Anticipation of Transition to Cosmos App Chain
dYdX is transitioning from a Layer 2 network on Ethereum to becoming a standalone blockchain in the Cosmos ecosystem.
By: The Defiant Team •
Decentralized exchange dYdX announced Tuesday it is open-sourcing its code ahead of its transition from a Layer 2 network on Ethereum to becoming a standalone blockchain in the Cosmos ecosystem.
The newly disclosed code, which includes the protocol, order book, and front-end, is an important step towards the mainnet launch organized by the dYdX DAO.
Previously running on StarkEx, an Ethereum Layer 2, the dYdX team plans to create a new dYdX chain based on the Cosmos platform. This shift will let them decentralize the exchange’s order book and shift control away from the development team. The team has been testing the new network since July 5.
With open-sourcing its code, the dYdX team is inviting community involvement in order to gather feedback.
Once the mainnet launch is complete, the dYdX development team stated that it will not control any part of the infrastructure behind any deployment of the new dYdX Chain.
As per an October 4 post, the dYdX Operations subDAO suggests a phased approach for the mainnet launch. In the alpha phase, token holders will be able to stake their tokens and receive staking rewards, but trading will not be possible. The beta phase will then open the gates for trading and further testing.