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The Defiant - DeFi Podcast
Why Is dYdX Ditching Ethereum?
Dec 4, 2023
David Gogel, VP of Strategy and Operations at the dYdX Foundation, discusses the recent milestone of operating on their independent app chain. They delve into the transition process, tokenomics mechanisms, and the implications for dYdX going forward. Topics include the entities within the dYdX ecosystem, the benefits of a separate chain, on-chain trading, customized proof of stake blockchain, open-source nature of the dYdX exchange, tokenomics for validators, and bridging USDC to the dYdX chain.
53:31
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Quick takeaways
- dYdX has launched its own app chain on the Cosmos network to address centralization concerns and improve scalability.
- The dYdX governance token allows users to control aspects of the Ethereum protocol and over 70,000 unique wallet addresses have earned DYDX tokens and participate in governance decisions.
Deep dives
DYDX Protocol and Development
DYDX protocol is a leading decentralized exchange focused on perpetual trading. It has seen over a trillion dollars in cumulative volume and has recently launched its own app chain using the Cosmos SDK and Comet DFT consensus mechanism. The new DYDX chain is fully decentralized and open source, with the entire technical stack now controlled by a community of ecosystem partners. The DYDX trading team is responsible for developing the protocol on Ethereum and the open-source software behind the DYDX chain.
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