The dYdX team has released the fourth version of a decentralized cryptocurrency derivatives exchange on an autonomous Cosmos-based blockchain.
The developers have successfully created the genesis block for the main network. In this alpha phase, the main focus of the mainnet is on stress testing the parameters.
The team has implemented over 60 validators to ensure security. A beta release is planned for the future, pending community approval, which will enable trading operations to begin.
“After years of development and five test networks involving 60 validators and leading trading firms, the dYdX blockchain has officially launched,” stated Charles D’Haussy, CEO of the dYdX Foundation, to The Block.
On July 5, the project team activated a public testnet based on Cosmos and the Tendermint consensus protocol.
The exchange will no longer use a centralized order book or order matching mechanism. Instead, it will utilize a different algorithm.
As a result of the migration, the main token will be replaced by wetDYDX, which will have the same governance functions.
