dYdX Community Backs Migration of Token to Native Blockchain
On July 5, the dYdX project team launched a public testnet utilizing the Cosmos and Tendermint consensus protocols.
The upcoming dYdX mainnet launch is anticipated to occur sometime by the end of 2023, resulting in the disappearance of the exchange’s centralized order book systems and order matching mechanisms.
As an alternative option, developer Wintermute proposed the implementation of an Ethereum smart contract, commissioned by the dYdX Foundation, which would act as a one-way bridge for the movement of the DYDX tokens.
This migration will also involve a replacement of the main coin, currently known as DYDX, with wetDYDX, which will retain its current management capabilities.
Following up on progress for the new platform, a new dYdX voting session is scheduled for September 8. In August, 6.52 million DYDX tokens, totaling $13.82 million, were unlocked.
Displeasure with Canadian regulations led to the decentralized exchange’s departure from the country in April.
