Cryptocurrency derivatives exchange dYdX has announced plans to develop a new blockchain on the Cosmos network as part of its expansion efforts.
The exchange’s developers say it will spin up its chain with Cosmos SDK, a software kit used by projects in the Cosmos network.
dYdX started in 2018 and has expanded to become the largest derivatives exchange with a trading volume of more than $600 million daily. The exchange powers StarkEx, an Ethereum Layer 2 scaling network developed by Starkware.
dYdX’s founder Antonio Juliano remarked that developing a decentralized off-chain order book and matching engine with the migration from Ethereum to the dYdXchain is a major DeFi protocol.
The new chain will enable the project to be more decentralized and controlled by a distributed set of validators. The project is expected to launch in the coming months.
dYdX stated that the platform was still considering what to happen with the current V3 system based on Starkware.
Source: THE BLOCK