The beta launch of dYdX Chain, the main L1 network based on Cosmos, took place on November 13. This information was shared in a blog post by the managing organization of the dYdX Operations subDAO project.
The community showed over 99% support for the transition from passive orders (Post-Only) to active ones. Users now have access to trading on over 33 perpetual contract markets through the dydx.trade platform, with leverage of up to 20x.
No trading rewards will be distributed at this stage, but validators and stakers can earn commissions from trades.
After a successful beta testing of the dYdX Chain protocol, the management will hold a vote for the transition from active trading to full trading, including rewards.
Founded in 2020, dYdX is a leading decentralized crypto derivatives exchange with a total volume of over $1 trillion as of August 2023. In July, the project team activated a public testnet using Cosmos and the Tendermint consensus protocol.
The genesis block for the dYdX Chain main network was formed on October 26.