Recently, decentralized exchange dYdX made the decision to move away from Ethereum by announcing the launch of its V4 private testnet. The entire platform rollout to Cosmos is scheduled for the end of September this year.
Traders on dYdX may engage in both decentralized spot trading and margin trading of assets. This Tuesday will mark the beginning of dYdX’s private testnet, which is expected to last for two to three weeks. Following that, towards the end of July, a public testnet will go live. Decentralized Exchange dYdX to Transition From Ethereum to Cosmos.
Ethereum’s Inability to Scale
The platform said that the primary motivation for the switch was Ethereum’s inability to scale. The move from Ethereum to Cosmos is being made by a second project. After last month’s acquisition of the Cosmos-based trading platform Vortex Protocol, SushiSwap is also making the same transition.
Solana and other layer-2 solutions were among the several avenues investigated by the organizations. According to DeFi Llama, dYdX, founded in 2017 by Antonio Juliano, a former software engineer at Coinbase and Uber, has around $341.5 million in total value locked (TVL).
Decentralized exchanges such as Uniswap, Curve, and dYdX are expanding, although they still only handle a fraction of the volume of traditional exchanges. During the previous 24 hours, Uniswap has processed orders totaling over $642 million in trading activity. More than $4.28 billion worth of deals had been performed on Binance within the same time period.
Recommended For You:
