In a groundbreaking move, the standalone Cosmos-based Layer 1 dYdX chain has officially entered its beta mainnet stage, heralding the launch of active trading across more than 33 perpetual markets with an impressive leverage of up to 20x.
During this stage, no trading rewards will be distributed, but validators and stakers will accumulate trading fees. The transition from active to full trading, along with the introduction of rewards, awaits a governance vote once the dYdX chain achieves stability with minimal bugs or issues.
Excitingly, dYdX has forged strategic partnerships with Circle and Noble Chain, leveraging Circle's Cross-Chain Transfer Protocol (CCTP). This collaboration enables Noble users to seamlessly transfer their USDC, the designated collateral for the dYdX chain, from other chains directly to the dYdX chain, ensuring a smooth, secure, and user-friendly experience.
CCTP, pioneered by Circle, facilitates the transfer of USDC to supported blockchains through a native burn and mint process, eliminating the need for custodial bridging. The availability of Circle's CCTP on Noble's testnet on Nov. 3 anticipates its official launch on the network's mainnet on Nov. 28. The dYdX chain's integration with these cutting-edge technologies marks a significant leap forward in the realm of decentralized finance and blockchain interoperability.