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CRYPTO NEWS DESK — 2022-06-22

Ethereum dYdX Will Launch Standalone Blockchain On Cosmos, Token Jumps 10%


Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate around their current levels. DYDX is in a downtrend on a 4-hour chart.


Ethereum dYdX Will Launch Standalone Blockchain On Cosmos, Token Jumps 10%

Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate around their current levels.
DYDX is in a downtrend on a 4-hour chart. Source: DYDXUSDT Tradingview The standalone blockchain is part of this platform’s fourth iteration, dYdX v4. The team behind the project expects to 'open source dYdX V4 by the end of 2022” but, as they clarified, this iteration will provide “critical” improvements so it will “require months of heads-down development”.
The team behind the Ethereum-based trading platform picked Cosmos and its Proof-of-Stake (PoS) Tendermint consensus because of its security, decentralization, customizability, cross-chain capacities, and leverage its scalability.
Thus, the platform will be able to process more transactions, and potentially increase its market share, amount of users, and trading volume while moving to its next development stage: full decentralization. The team behind the project said:
The main requirement for the V4 protocol is full decentralization. The decentralization of a system is equal to the decentralization of its least decentralized component. This means that every part of V4 needs to be decentralized while also remaining performant.
The ultimate objective, according to the announcement, is to make dYdX “one of the largest exchanges in all of the crypto”. This requires an infrastructure capable of processing a lot of transactions and supporting the exchange’s engine without compromising its level of decentralization.
The team behind the project added:
Developing a decentralized off-chain orderbook and moving from Ethereum to a dYdX-specific chain as a major DeFi protocol is very much untested, but we believe this gives dYdX the best shot at offering a competitive product experience with centralized exchanges.
Is Leaving Ethereum The Best Choice For dApps? The fourth iteration of dYdX will have new features, such as an off-chain order book, and no trading gas fees. The fee structure will be similar to that of centralized exchanges. The governance token DYDX will continue to be the main component of the exchange’s governance model.
The announcement has been celebrated across a portion of the crypto community, the market seems to have reacted positively. Losing security and composability (as opposed to deploying on Starknet) with the Ethereum ecosystem seems risky.


— Reynaldo Marquez of NewsBTC - Bitcoin & cryptocurrency news today, price & technical analysis

Keywords: Ethereum, DYdX, DYDXUSDT, ETH, Ethereum, Ethusd



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