Prominent decentralized crypto derivatives exchange dYdX has unveiled the open-source code for its upcoming version 4. The new dYdX Chain – based on the Cosmos SDK and Tendermint Proof-of-stake consensus protocol – is expected to offer transactions of up to 2,000 per second.
This is essentially the initial phase of the v4 upgrade, as the DEX starts its transition from the Ethereum layer-2 network to its dedicated standalone blockchain.
Standalone Cosmos-Blockchain
dYdX’s decision to integrate Cosmos into its version 4 marks a strategic move after gauging the landscape of current and upcoming blockchain technologies.
While exploring options for the trading model, dYdX contemplated various avenues, including alternative trading models like Automated Market Makers (AMMs) and Request for Quote (RFQ) systems. However, they ultimately recognized that an orderbook-based protocol was essential to meet the demands of experienced traders.
Notably, dYdX’s team was dissatisfied with exist
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