dYdX Decentralized Exchange Moving to Its Own Blockchain Citing Ethereum Scalability Issues

dYdX founder Antonio Juliano says the decentralized exchange is moving to its own blockchain because Ethereum can't provide the scalability needed.
Juliano expects the new dYdX chain to achieve over 2,000 transactions per second, compared to around 1,000 now.
The new chain will have an "off-chain order book" run by validators to enable fast trades without paying gas fees.
Juliano believes all layer 2 systems need to evolve to have decentralized sequencers, not just single operators like today.
dYdX has never offered derivatives to U.S. customers, a key difference from decentralized exchanges facing CFTC action.

coindesk.com

Relevant topic timeline:

8/26/2023

Crypto builders should ‘give up’ serving US customers for 5–10 years — DYdX founder

Antonio Juliano, founder of decentralized exchange dYdX, believes that early-stage crypto projects should prioritize markets outside the United States and only consider serving U.S. customers in 5-10 years when the regulatory climate is more favorable, in order to scale faster and focus on platform growth and user adoption.

9/6/2023

DYdX to launch decentralized order book exchange on Cosmos: KBW 2023

Decentralized exchange platform dYdX plans to migrate to the interchain network Cosmos and offer a purely decentralized order book exchange, according to CEO Charles d’Haussy.

9/26/2023

The Big 5: A Look at the Leading Crypto Projects and Their Distinct Approaches

A prominent crypto venture capitalist names Bitcoin, Ethereum, Solana, Cosmos, and Celestia as the core blockchain networks in the digital asset space, each with its own defining characteristic.

9/28/2023

Decentralized Exchange dYdX Attracts Traders with Profitability, Transparency, and Lower Fees

dYdX, a decentralized perpetual-swap exchange, has gained user adoption among professional traders for three main reasons: transparency, regulatory arbitrage, and cheaper trades, and its upcoming version four (v4) release aims to further enhance its market position with features such as permissionless market pairs and fee distributions to token holders.

10/14/2023

Whales Accumulating DYDX, OCEAN, and REQ Tokens as Ethereum Wallets Grow, Traders Eye ETH Price Action

Crypto analytics platform Santiment suggests that decentralized exchange protocol dYdX, data exchange platform Ocean Protocol, and crypto payments network Request may be poised for a turnaround as whale activity increases, while Ethereum (ETH) is experiencing a rise in social dominance and movement of old coins.

Topics

Posted 9/20/2023, 3:00:00 PM