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- Cryptocurrency derivatives platform dYdX (DYDX-USD) is constructing its own layer 1 blockchain based on Cosmos (ATOM-USD), the company said in a release dated Wednesday.
- The Cosmos (ATOM-USD) Proof-of-Stake blockchain is a popular decentralized network of individual chains that can easily trade assets with one another. It’s the “best fit” for dYdX’s chain, according to the release.
- “A major benefit of Cosmos is that the chain can be developed to suit the exact needs of the dYdX network.,” dYdX said. “One application of this is that traders would not pay gas fees to trade, but rather pay fees based on trades executed similar to dYdX V3 and centralized exchanges. These fees would accrue to validators and their stakers.”
- dYdX’s fourth version of the platform, which uses Tendermint’s Proof-of-Stake consensus protocol to validate transactions on the chain, is said to be fully decentralized by the end of 2022.
- Previously, (June 14) Celsius debacle could fuel regulatory risk in Uniswap, other decentralized exchanges.
