NEWS: DYdX launched its Layer 1 blockchain. The chain is based on the Cosmos SDK protocol and uses proof-of-stake (PoS) consensus. The genesis block was created by the chain's validators, who are elected by the dYdX community.
The dYdX blockchain is a major change for the decentralized cryptocurrency exchange. The new chain will allow dYdX to operate in a more decentralized and efficient manner. It will also allow dYdX to offer new products and services, such as smart contracts and decentralized applications (DApps).
One of the most important features of the dYdX blockchain is that commissions will be distributed to validators and stakers. This is a change from the previous version of dYdX, which charged users fees.
The launch of the dYdX blockchain is an important step for the development of decentralized finance (DeFi). The new chain will allow dYdX to compete with major centralized exchanges and offer a more secure and decentralized experience to its users.
Here are some key benefits of the dYdX blockchain launch:
Decentralization: The new chain is more decentralized than the previous version of dYdX. This is because validators are elected by the dYdX community.
Efficiency: The new chain is more efficient than the previous version of dYdX. This is due to the use of proof-of-stake consensus.
New products and services: The new chain will allow dYdX to offer new products and services, such as smart contracts and decentralized applications (DApps).
The launch of the dYdX blockchain is an important milestone for the development of decentralized finance. The new chain has the potential to make DeFi more accessible, efficient, and secure.
