{"id":557754,"date":"2024-10-27T01:00:25","date_gmt":"2024-10-27T01:00:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=557754"},"modified":"2024-10-26T19:43:14","modified_gmt":"2024-10-26T19:43:14","slug":"ahead-of-v4-dydx-open-source-code-bull-run-incoming","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/defi\/ahead-of-v4-dydx-open-source-code-bull-run-incoming\/","title":{"rendered":"Ahead Of V4, dYdX Open-Source Code: Bull Run Incoming?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/dydx\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeFiLlama<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<figure id=\"attachment_557755\" aria-describedby=\"caption-attachment-557755\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-557755\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Screenshot437.png?resize=1024%2C387\" alt=\"dYdX TVL| Source: DeFiLlama\" width=\"1024\" height=\"387\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Screenshot437.png?w=1141 1141w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Screenshot437.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Screenshot437.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Screenshot437.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Screenshot437.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-557755\" class=\"wp-caption-text\">dYdX TVL| Source: DeFiLlama<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">dYdX Open-Sourcing Code Ahead Of V4<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to an X\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/dYdX\/status\/46921353\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">post<\/span><\/a><span data-preserver-spaces=\"true\"> on October 24, dYdX plans to eventually operate on its standalone blockchain on Cosmos, migrating from being a layer-2 exchange reliant on Ethereum for security. <\/span><span data-preserver-spaces=\"true\">The standalone blockchain, dYdX Chain, will be built using the Cosmos software developer kit (SDK) and powered by the Tendermint proof-of-stake consensus algorithm.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In blockchain, projects often open source their code, allowing the public to scrutinize how smart contracts operate. By going public, the protocol is helping to build trust with users and community members, boosting security and increasing decentralization. This is especially important because the DEX handles sensitive financial data to facilitate trustless trading for all users.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/shiba-inu\/shib-will-lose-place-to-pepe-in-new-bull-cycle-analyst-makes-the-case\/\" target=\"_blank\" rel=\"noopener \">SHIB Will Lose Place To PEPE In New Bull Cycle, Analyst Makes The Case<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Antonio Juliano, the founder of dYdX, has already\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/AntonioMJuliano\/status\/75155435\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\"> the exchange developer, dYdX Trading Inc., is updating its charter to become a Public Benefit Corporation. The exchange developers will work on an open project without benefiting. Though the platform will remain a for-profit company as a Public Benefit Corporation (PBC), the founder and the board will &#8220;not solely act to maximize shareholder value but act in the public benefit.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, the layer-2 protocol has to receive approval from the community through a vote before the project transitions to v4 on Cosmos. Afterward, as stated by Juliano, dYdX will become fully open-source and decentralized, meaning the community will take over how the protocol evolves through a governance vote effected by the dYdX Foundation.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Will New Features Propel The Token To 2023 Highs?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">With v4, dYdX will build an off-chain order book and release an equally scalable matching engine that can process more transactions. This way, the development team\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dydx.exchange\/blog\/dydx-chain\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">believes<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0this will &#8220;dramatically&#8221; enhance the protocol, all without charging trading fees, since it will run on Cosmos, a scalable layer-1 and interoperable blockchain.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/meme-coin\/meme-coin-raised-11-million\/\" target=\"_blank\" rel=\"noopener \">This Brand New Meme Coin Just Raised $11 Million In A Firesale With No Roadmap<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Part of these enhancements include making dYdX more efficient in trading. Subsequently, several features, such as batch execution and limit orders, will go live. At the same time, dYdX v4 will support trading new asset classes, such as equities, commodities, and real estate, making the protocol more versatile.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/objpUhL9\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/objpUhL9\/\" alt=\"DYDX price on October 26| Source: DYDX on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">DYDX price on October 26| Source: <a href=\"https:\/\/www.tradingview.com\/x\/objpUhL9\/\" target=\"_blank\" rel=\"noopener nofollow\">DYDX on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Ahead of this transition, the native token of the exchange is trading at H2 2023 highs, looking at price action. Notably, the token has broken above July to October 2023 resistance levels with increasing volumes. At the same time, looking at the development in the daily chart, bull bars are banding along the upper BB, pointing to strong upward momentum. The region around $3.25 and $3.5, marking Q1 2023 highs, could be immediate targets for optimistic bulls.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama. dYdX Open-Sourcing Code Ahead Of V4 According to an X\u00a0post on October 24, dYdX plans to eventually operate on its standalone blockchain on Cosmos, migrating from being a layer-2 exchange reliant on Ethereum for security. The standalone blockchain, dYdX Chain, will be built using the Cosmos software developer kit (SDK) and powered by the Tendermint proof-of-stake consensus algorithm. In blockchain, projects often open source their code, allowing the public to scrutinize how smart contracts operate. By going public, the protocol is helping to build trust with users and community members, boosting security and increasing decentralization. This is especially important because the DEX handles sensitive financial data to facilitate trustless trading for all users.\u00a0 Related Reading: SHIB Will Lose Place To PEPE In New Bull Cycle, Analyst Makes The Case Antonio Juliano, the founder of dYdX, has already\u00a0said the exchange developer, dYdX Trading Inc., is updating its charter to become a Public Benefit Corporation. The exchange developers will work on an open project without benefiting. Though the platform will remain a for-profit company as a Public Benefit Corporation (PBC), the founder and the board will &#8220;not solely act to maximize shareholder value but act in the public benefit.&#8221; Still, the layer-2 protocol has to receive approval from the community through a vote before the project transitions to v4 on Cosmos. Afterward, as stated by Juliano, dYdX will become fully open-source and decentralized, meaning the community will take over how the protocol evolves through a governance vote effected by the dYdX Foundation.\u00a0 Will New Features Propel The Token To 2023 Highs? With v4, dYdX will build an off-chain order book and release an equally scalable matching engine that can process more transactions. This way, the development team\u00a0believes\u00a0this will &#8220;dramatically&#8221; enhance the protocol, all without charging trading fees, since it will run on Cosmos, a scalable layer-1 and interoperable blockchain. Related Reading: This Brand New Meme Coin Just Raised $11 Million In A Firesale With No Roadmap Part of these enhancements include making dYdX more efficient in trading. Subsequently, several features, such as batch execution and limit orders, will go live. At the same time, dYdX v4 will support trading new asset classes, such as equities, commodities, and real estate, making the protocol more versatile. Ahead of this transition, the native token of the exchange is trading at H2 2023 highs, looking at price action. Notably, the token has broken above July to October 2023 resistance levels with increasing volumes. At the same time, looking at the development in the daily chart, bull bars are banding along the upper BB, pointing to strong upward momentum. The region around $3.25 and $3.5, marking Q1 2023 highs, could be immediate targets for optimistic bulls. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":557756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[37575,54512,83961,89251,86214,1946,79567],"class_list":["post-557754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-cosmos","tag-defi","tag-dydx","tag-dydx-price","tag-dydxusdt","tag-ethereum","tag-layer-2"],"acf":[],"yoast_head":"\n<title>Ahead Of V4, dYdX Open-Source Code: Bull Run Incoming?<\/title>\n<meta name=\"description\" content=\"dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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