A governance vote approved a proposal to transition dYdX to version 4 and make DYDX the Layer 1 token for its planned blockchain.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The governance system of the dYdX derivatives protocol has ratified a proposal to transition to version 4 and adopt DYDX as the Layer 1 token for the project's own blockchain.
Included in the proposal was a plan to develop an Ethereum smart contract, to be overseen by the dYdX Foundation. This contract is intended to facilitate permissionless transfer of DYDX tokens from the Ethereum network to the new dYdX Chain.dYdX founder Antonio Juliano.Founded in 2018, dYdX leads the decentralized derivatives market, particularly in offering perpetuals trading.
In dYdX version 4, every validator on the network will operate an offchain orderbook. Trading orders will be sent to the network and disseminated among validators, who subsequently generate blocks containing matched orders using a proof-of-stake consensus mechanism. Disclaimer: Evgeny Gaevoy, the founder and CEO of Wintermute, sits on The Block's board of directors and is a shareholder.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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