dYdX Launches Alpha Mainnet for v4 Upgrade and dYdX Chain

The decentralized exchange (DEX) dYdX has rolled out the alpha mainnet for its v4 upgrade and the independent Cosmos SDK-based blockchain dYdX Chain.

dYdX Launches Alpha Mainnet for v4 Upgrade and dYdX Chain. Photo: dYdX

The dYdX 4 version and the standalone blockchain dYdX Chain based on Cosmos have entered the alpha mainnet phase. The first genesis blocks were created at 00:00 AM on October 27 (Vietnam time).

Alpha mainnet marks the initial phase of the v4 upgrade, allowing the DEX to detach from Ethereum and operate on its own layer-1 blockchain, transitioning DYDX into the token of dYdX Chain. The conversion process has been conducted across multiple testnets this year.

Charles d'Haussy, CEO of dYdX Foundation, shared:

"After years of development, across 5 testnets with over 60 validators and leading trading firms, dYdX Chain has been officially launched by the community and DAO. This is seen as a leap forward for the dYdX ecosystem, ushering in a new chapter with robust decentralization."

Built on Cosmos SDK, dYdX Chain is an independent blockchain capable of meeting diverse project requirements. Three days ago, the dYdX development team opened the entire source code of the v4 upgrade for community review and feedback.

In the alpha stage, the mainnet primarily aims to stress-test the network with an expected 60 validators. dYdX Chain will undergo a community voting process to determine the timing of the next beta release.

Initially built on StarkEx, an Ethereum layer-2 scaling solution, dYdX is the largest decentralized derivatives trading platform in the cryptocurrency industry, with accumulated volumes exceeding $1 trillion USD since 2020.

Following today's news, the price of DYDX saw a slight increase but reverted to previous levels. Over the past 24 hours, the token has decreased by nearly 5% and is currently trading around $2.29 USD.

Chart: 15m DYDX/USDT pair on Binance at 08:50 AM on October 27, 2023