dYdX publishes the open source code in anticipation of the launch of the standard mainnet

Crypto exchange dYdX has published open source code for its new Cosmos-based network of the same name, according to a blog post on October 23. The new code, he writes, “includes a protocol, a command book, a front-end, and more.” The publication of the code is intended to pave the way for the launch of the mainnet, which is being organized by dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO operations.

1/ finally arrived here

Today, we are proud to present and fully open the complete dYdX chain!

This is the next chapter for dYdX and we're excited that it's here.

Let's get into the details: https://t.co/ydil2jkqJs

— dYdX (@dYdX) October 24, 2023

DYdX is one of the largest non-custodial cryptocurrency exchanges, CoinGecko, with over $2.6 billion in daily trading volume. However, it relies on a central order book to match traders with market makers. Because of this order book, it is sometimes considered not to be truly decentralized.

The dYdX team is trying to create a new Cosmos-based dYdX chain that will decentralize the exchange's order book, taking the protocol out of the hands of the development team and making it truly decentralized. On July 5th, they released the testnet of the new network. DYdX currently runs on StarkEx, Ethereum's layer-2.

Related: Evmos, Swing, Tashi, Wormhole Team to Solve Cosmos Liquidity Issues

According to the October 23 post, the new code will enable the dYdX infrastructure to “operate globally with DeFi. [decentralized finance] Enthusiasts ” As the main network launch is complete, the dYdX development team “does not lead any infrastructure department behind the deployment of the new dYdX chain.” The group did not reveal an official date for Mainnet. Instead, he notes that readers should “check out the blog post from dYdX Operations subDAO” to learn more.

In a post on October 4th, dYdX Operations proposed a subDAO standard network startup. The proposed alpha level allows token holders to share their tokens and earn high rewards, but trading is not possible. The beta phase enables marketing and allows for further testing. The post does not specify the start date for either phase.