dYdX Chain, the standalone Cosmos-based Layer 1, has transitioned into its beta mainnet stage, marking a significant milestone for the decentralized derivatives platform. The move allows active trading to go live for the first time following a decisive governance vote. The beta launch, occurring at 8:45 a.m. EST on Monday, followed a community vote that received overwhelming support, with over 99% in favor. The decision was to change trading on all markets from post-only to active.
Users can now participate in trading across more than 33 perpetual markets via the dydx.trade platform, offering leverage of up to 20x. Although no trading rewards will be distributed during this stage, validators and stakers will accrue trading fees, as outlined in the announcement by the dYdX Operations subDAO, responsible for decentralized infrastructure for dYdX Chain. The beta stage is deemed a critical testing phase for active trading environments.
The successful progression from the beta stage to full trading, including rewards, will be determined by another governance vote once the dYdX Chain protocol achieves stability with minimal bugs or issues. The subDAO emphasized the importance of vigilance in monitoring the dYdX Chain before engaging in significant trading.
dYdX’s journey to the beta mainnet stage began with the alpha mainnet for version 4, which debuted on Oct. 26. This release marked a notable shift for the decentralized derivatives platform, becoming a standalone Layer 1 on Cosmos after previously relying on Ethereum Layer 2 scaling solution StarkEx in version 3. Charles d’Haussy, CEO of the dYdX Foundation, highlighted the community-driven launch of the dYdX Chain after extensive development and testing involving validators and trading firms.
With a cumulative trading volume exceeding $1 trillion since 2020, dYdX remains a prominent player in the decentralized derivatives trading space. The successful activation of live trading on the beta mainnet reflects the platform’s commitment to innovation and responsiveness to community governance.
