The “alpha mainnet” for dYdX version 4, along with the debut of its standalone Cosmos-based blockchain, was released today, signaling a notable transition for the leading decentralized derivatives platform. At 1 p.m. EST today, dYdX Chain validators created the genesis block of the dYdX Chain.
The activation of the dYdX alpha mainnet marks the first phase in transitioning to dYdX version 4 and its new, community-governed Layer 1 blockchain. The transition incorporated developments across multiple testnets during this year.
“After years of development, 5 testnets involving 60+ validators and top tier trading firms, the dYdX Chain has been officially launched by the community and DAO,” Charles d’Haussy, CEO of the dYdX Foundation, told The Block. “This marks a monumental leap forward for the dYdX Ecosystem representing a new chapter that’s defined by full decentralization.”
Built on the Cosmos SDK, the alpha version introduces an independent blockchain tailored to accommodate the project’s requirements. This development follows the recent public release of the open-source code for the dYdX blockchain.
Alpha mainnet objectives
At this alpha stage, the mainnet aims primarily to stress-test the network. It’s in the process of onboarding over 60 validators to ensure network security. A subsequent beta launch is planned, pending approval from a community governance vote, that will eventually enable trading on the network.
In today’s initial phase, validators for dYdX will enroll by submitting a genesis file, as noted by Cosmos-based development firm Cosmostation, which intends to operate a dYdX validator.
Previously relying on StarkEx, an Ethereum Layer 2 scaling solution, dYdX ranks as the most extensive decentralized derivatives trading platform in crypto, with a cumulative volume of over $1 trillion since 2020.
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