dYdX Chain Enables Bridging & Staking To Bring More Liquidity To Its Nascent Network

The dYdX Foundation that fosters the popular dYdX decentralized exchange has announced another big milestone as it seeks to migrate away from Ethereum to its own, Cosmos-based blockchain network.

Timeline of Dydx

dYdX, a significant decentralized exchange (DEX), has officially transitioned from its Ethereum base to launch its native chain. This marks the first instance of a major DEX opting for autonomy by setting up its own native blockchain.

Decentralized cryptocurrency exchange dYdX has announced the launch of its layer-1 blockchain after the successful creation of its genesis block. The new blockchain will operate using the native DYDX tokens.

Antonio Juliano, dYdX founder, has flagged an upcoming large-scale migration of locked $DYDX tokens to the dYdX Chain following its recent launch. This migration, strictly abiding by legal agreements, marks a significant phase in dYdX's transition to a layer-1 blockchain, amplifying the utility of DYDX tokens for staking and governance purposes.

On October 26, the dYdX Foundation officially pivoted from running an Ethereum layer-2 blockchain to supporting the layer-1 dYdX Chain (DYDX). This move can create more demand for its native token DYDX, which validators are staking to secure the network, and users are spending for the gas fees.

In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama.

Antonio Juliano, founder of dYdX, predicts DeFi derivatives will grow 100x in the next few years, accounting for 2% of crypto derivative volume. This optimistic projection highlights the potential for investors and traders.

In a recent development, the dYdX community has been shaken by the emergence of a suspicious Snapshot, which appears to have been created with malicious intent. The Snapshot in question was designed to "skip testnet round 3 and go live with BETA v4.

The dYdX Foundation, the non-profit organization overseeing the decentralized cryptocurrency exchange dYdX, has released its semi-annual report, which details the ecosystem's incredible growth and achievements in 2023.

The decentralized financial world thrives on transparency, adaptability, and the fearless challenge of established norms. And guess who's been at the epicenter of this financial maelstrom in 2023?

DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency's price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August.