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DYDX, one of the largest DeFi platforms, is taking important steps. Recently, an announcement was made regarding regulatory pressure. With the transformation of the developer company into a public interest organization, the financial gains on the platform were eliminated with the V4 version. Now, a new announcement that can directly affect the price has been shared.
DYDX Coin News
dYdX Trading, the US-based company that develops the decentralized crypto derivatives exchange dYdX, has shared the open-source code of the new network. This is actually an important step in proving decentralization with the company’s transformation into a public interest organization. In the near future, regulatory pressure on the DeFi sector of crypto will increase. Although there are currently many projects that do not care about this, the DYDX team is preparing for the future.
Antonio Juliano, the Founder and CEO of dYdX Trading, said the following in his statement;
“With dYdX Chain, dYdX brings transparency and security to derivatives trading with a decentralized exchange that operates and is controlled by code.”
More importantly, the upgrade includes the transition from an Ethereum-based layer2 blockchain to a Cosmos-based proof-of-stake protocol, which is secured and managed by DYDX token holders.
When is DYDX Mainnet?
The dYdX Chain test network was launched in March of this year and has seen a series of upgrades since then. The release of the code as open-source is also an important step before the mainnet. Especially during periods of rising cryptocurrencies, announcing the launch date can be a major price catalyst for the token.
According to an audit conducted by the blockchain auditor Informal Systems, no critical errors were found in the open-source code. Nathan Cha, the Head of Marketing at dYdX, said the following;
“dYdX Trading will no longer operate any of the infrastructure behind dYdX Chain. All of these will be operated by third parties.”
This is a significant development in ensuring full decentralization, as mentioned in the first section. In the coming months, as sanctions are imposed on DeFi protocols and so-called decentralized protocols are targeted, DYDX will keep itself away from the target. In summary, all the steps taken for the DYDX Coin price look positive in the long run.
