– The dYdX crypto exchange has released the open-source code for its upcoming Cosmos-based network.
– The code includes the protocol, order book, front-end, and more.
– The release of the code is a step towards the mainnet launch, which will be organized by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.
– The new dYdX chain aims to decentralize the exchange’s order book and make it truly decentralized.
– Currently, dYdX runs on StarkEx, a layer-2 of Ethereum.
– The new code will allow the dYdX infrastructure to be run globally by DeFi enthusiasts.
– The dYdX development team will not run any part of the infrastructure behind the new dYdX Chain once the mainnet launch is complete.
– The launch date for the mainnet has not been announced yet.
– The proposed mainnet launch will have an alpha phase for staking rewards and a beta phase for trading and further testing.