The dYdX Foundation announces the launch of its mainnet and a new Bridge User Interface.

The dYdX Foundation announced a series of pivotal updates that signal a new phase for the dYdX ecosystem. Most notably, the mainnet genesis of the dYdX Chain is now live, with Genesis Validators having participated in the creation of its first block. This news comes on the heels of the release of dYdX Chain’s open-source software on Oct. 24, and a newly deployed Bridge User Interface.

The next generation of the dYdX protocol and the next version of the DYDX Token💡

🤝 Decentralized, the community is in control
🙋🏽 All fees distributed to Validators and Stakers
⚖️ Validating is permissionless
🌉 Seamlessly transition to the dYdX Chain
📖 Fully Open Source pic.twitter.com/G570MH2a52

— dYdX Foundation 🦔 (@dydxfoundation) October 30, 2023

The Bridge User Interface enables the transfer of DYDX tokens from the Ethereum network to the dYdX Chain, thus extending the token’s utility. Users who wish to perform this conversion can utilize the public bridging guide available on the dYdX website. Additionally, a staking guide is expected to be released soon, giving users an avenue to contribute to network security.

You might also like: dYdX published open source code of its blockchain

The dYdX Chain is currently in its post-genesis phase, comprising two stages: Alpha and Beta. The Alpha stage focuses on enhancing the network’s stability and security. A critical part of this effort involves staking DYDX tokens to dYdX Chain Validators, which improves network resiliency by making coordinated attacks more difficult. The transition to the Beta stage will hinge on performance metrics and a successful governance vote, among other criteria. The Beta stage aims to introduce limited trading functionalities and pave the way for a full-fledged version of the dYdX Chain.

With these developments, the dYdX Chain appears poised to play a significant role in the decentralized finance (DeFi) sector. As staking options become more widely available and the network’s features expand, the dYdX Chain could serve as a strong example of how blockchain networks can evolve to meet the demanding security and performance needs of today’s digital economy.

Read more: dYdX Trading transitions to public benefit corporation, foregoes v4 trading fees

By admin

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *