dYdX Chain, a leading figure in decentralized derivatives trading, has made a significant leap by entering its beta mainnet stage, heralding a new era of trading possibilities across an expansive range of markets.
Decisive Community Backing Ushers in New Trading Era
The transition into the beta mainnet phase was propelled by an overwhelming community endorsement, securing over 99% support in a crucial governance vote. This pivotal move unlocks active trading across more than 33 markets, marking a milestone for the platform and its users.
Trading Dynamics in the Beta Mainnet Phase
Traders can now delve into the dydx.trade platform, engaging with over 33 perpetual markets and leveraging the potential of up to 20x. Despite the absence of trading rewards during this beta phase, the structure allows validators and stakers to accumulate trading fees, thus fostering a vibrant trading ecosystem.
A Significant Shift: From Ethereum Layer 2 to Cosmos
The journey of dYdX Chain to this momentous point involved transitioning from the Ethereum Layer 2 scaling solution StarkEx in its third iteration to establishing itself as an independent Layer 1 blockchain within the Cosmos ecosystem for version 4. This strategic shift first materialized with the alpha mainnet launch of dYdX version 4 and its inaugural Cosmos-based blockchain on October 26.
dYdX: A Trailblazer in Decentralized Derivatives Trading
Renowned as the premier decentralized derivatives trading platform in the cryptocurrency domain, dYdX has witnessed an impressive cumulative trading volume exceeding $1 trillion since its inception in 2020. The platform's successful governance vote and the beta mainnet debut underscore its unwavering commitment to delivering a comprehensive and efficient decentralized trading experience.
This development highlights dYdX's emphasis on community-driven governance and its dedication to meticulously testing and refining the dYdX Chain. This approach ensures a seamless progression towards fully rewarding trading experiences for its users.