2023-03-28
dYdX, the
renowned DEX platform, announced on this Tuesday of its V4 private testnet to move Ethereum's blockchain to Cosmos, which
by the end of September will be fully equipped with Cosmos.
dYdX will
use the Cosmos Software Development Kit (SDK) to develop its own native
blockchain and will start offering decentralized spot trading services.
The private
test network for dYdX is scheduled to launch on Tuesday and will begin testing
in a few weeks, after which the public testing network will begin at the end of
July.
The reason
why dYdX has discontinued Ethereum is primarily explained by the platform as a
problem in terms of supporting large number of transactions.
"We
reached a point where Ethereum couldn't process the transactions fast
enough," dYdX’s marketing lead Nathan Cha told Decrypt at this year’s
Paris Blockchain Week.
The teams
explored various options, including Solana and layer-2 solutions. "We came
to the conclusion that Cosmos was the better option because we can customize
the blockchain to our needs,” said Cha. “Now we can handle transactions at a
faster pace."
dYdX is a decentralized dydx crypto trading platform launched in 2017 by Antonio Juliano, who previously worked at Coinbase and Uber as a software engineer. There are now $341.5 million in assets locked in DeFi Llama.
Although
the market was shaken by the FTX incident, dYdX revealed that it was a plus,
causing more people to adopt decentralized trading platforms.
Photo credit: Link
Source link: Decrypt
