Ethereum-based decentralized exchange dYdX is shifting to Cosmos to build its own blockchain. The new product from dYdX plans to be based on Cosmos, using Tendermint’s proof-of-stake consensus protocol to validate transactions. dYdX Shifts to Cosmos from Ethereum According to an official announcement on Wednesday, dYdX, announced plans to build its own L1 chain using the Cosmos SDK, a software development kit used by projects in the Cosmos ecosystem. “After exploring the landscape of current and upcoming blockchain technologies, we decided that Cosmos would allow us to build the best fully decentralized protocol,” the company wrote in its announcement. DYdX chose Cosmos over other L1 and L2 chains because the blockchain-building framework allows protocols to decide the parameters of their own chain, and therefore to create the tools that they need. Following the move, dYdX will be able to multiply its processing capacity by ten. It will also require no trading gas fees and instead use a percentage-based trading fee structure similar to centralized exchanges. Meanwhile, fees will accrue to validators and stakers through the DYDX token. We’re excited to announce that dYdX V4 will be developed as a standalone Cosmos-based blockchain! 🔗🎉https://t.co/zQzZMIpzWO — dYdX (@dYdX) June 22, 2022 Largest Decentralized Exchange Founded in 2018, dYdX is currently the largest decentralized derivatives exchange with a trading volume of over...
SEC Hosts First-Ever Crypto Roundtable Today
