dYdX, a famous crypto derivatives exchange, has announced that it will be developing dYdX V4 on a standalone Cosmos based blockchain and Tendermint Proof-of-stake consensus protocol.
DYDX price up by 7%
Exchange mentioned that it will feature a fully decentralized, orderbook, off chain, and matching engine. The exchange claimed that it will be capable of scaling a huge magnitude of orders throughout than any other blockchain can support.
As per the release, the development of the V4 will mark full decentralization of the dYdX protocol. It will offer a full blend of decentralization, scalability, and customizability with the help of Cosmos. It added that its native token, DYDX happens to be the best fit for use as the L1 token of dYdX V4.
Since the announcement, the dYdX token’s price has registered a surge of over 7%. The token is trading at an average price of $1.52, at the press time. Its 24-hour trading volume has jumped by 25% to stand at $78.6 million.
V4 to be fully decentralized
The derivative exchange highlighted that its V4 code will be an open source. It basically means that everything will run without the permission of networks where no service will be run by dYdX trading inc. This is done in order to improve the protocol. Its community will be controlling every aspect of the stack.
Recommended Articles
The exchange explored the potential of running and upcoming blockchain technologies. After this, they took the decision to go with the Cosmos in order to build a fully decentralized protocol. It added that a huge benefit of developing it in Cosmos is that it suits the need of the dYdX network.
The release mentioned that traders will not have to pay gas fees to trade. However, the fees will be based on trades executed similar to dYdX V3. It added that these fees would rise over time to validators and their stakers.
- OpenAI CEO Apologizes for Equity Cancellation Clause
- Analyst Predicts Ethereum ETF to Trigger Major ETH Market Moves
- Genesis Creditors to Receive 97% Payout by May Following Court Nod
- Terra Luna Classic Community Votes on Reactivating IBC, LUNC Price to Rally?
- US House to Vote on Two Landmark Crypto Bills Next Week
- Shiba Inu Price Analysis Hints 35% Upside as Buyers Break 50-Day Consolidation
- Solana Price Prediction: Can SOL Surpass the $200 Milestone By End Of This Weekend?
- Ethereum Price Analysis: ETH Sees End-of-Correction With This Resistance Breakout
- Turn $1 Into $100 This Week With 3 Altcoins To Buy
- Crypto Market Analysis 18/5: Will Bitcoin Regain $70000 this Weekend?