Continuing work on its V4, dYdX has announced that it is making the source code for its future blockchain open source. What’s the status of this migration to Cosmos (ATOM)?
dYdX makes its V4 code open source
Announced over a year ago, we already know that dYdX V4 will be a fully-fledged blockchain in the Cosmos (ATOM) ecosystem.
As work progresses, the project teams revealed on Tuesday that, following its latest audit, the source code for said V4 has now been made open source:
1/ It’s finally here
Today, we’re proud to present and fully open-source the completed dYdX Chain!
This is the next chapter for dYdX and we’re so excited that it’s here.
Let’s get into the details:https://t.co/ydil2jkqJs
– dYdX (@dYdX) October 24, 2023
In this way, the whole community can immerse itself in analyzing the code, forking it or suggesting improvements. It should also be noted that dYdX has set up a bug bounty of up to a maximum of $5 million, depending on the severity of any vulnerability found
In addition, the dYdX blockchain could reach up to 2,000 transactions per second, according to reports. What’s more, this V4 is intended to be entirely decentralized, so much so that dYdX Trading would no longer operate any part of the infrastructure:
” What’s more, with dYdX Chain, all parts of the protocol are now fully decentralized, including the order book. By creating our own app-chain, we’ve unlocked total customization across the entire technology stack, including how the blockhain works and what roles third-party validators might play. “
To date, dYdX runs on StarkWare, as layer 2 of Ethereum (ETH) and this migration to a different ecosystem is an ambitious undertaking necessarily involving a total overhaul of the protocol. While no release date for the mainnet has yet been revealed, the future version of the decentralized trading application has been in testnet since July.
At the time of writing, the DYDX token was trading at $2.31, up 7.5% over the last 24 hours and in 95th place in the CoinGecko ranking. What’s more, the protocol has a total locked value (TVL) of almost $357 million, according to DefiLlama data.