The Cosmos-based layer 1 dYdX Chain has achieved a new milestone with the recent launch of its beta mainnet phase, initiated through a community governance vote.
The beta mainnet, live since November 13, allows users to experience a scalable on-chain environment for trading with over 33 active perpetual markets and 20x leverage.
The decision to switch trading from post-only to active was supported by over 99% of community members.
While the beta mainnet is fully operational, trading rewards are not yet supported, and stability and interface quality improvements are expected during this testing phase.
Traders can use a bridge portal for token transition, taking 38 hours for the process, allowing staking on the native chain and earning a share of trading fees.
Initially launched on Ethereum in 2019, dYdX quickly gained traction in the decentralised derivatives market, recording a daily volume of $1 million.
The move to its own architecture became necessary as Ethereum network fees scaled, leading to the development of the Cosmos-based layer 1 dYdX Chain.
The beta phase, launched on October 26, now allows active trading across various markets, providing users with a nascent and responsive base layer for trading with low fees. The dYdX Chain, with its ComeBFT consensus mechanism, aims to offer an efficient and transparent trading environment.
Circle’s CCTP Allows USDC Transfers to dYdX
Noble’s main network is set to host Circle’s Cross-Chain Transfer Protocol (CCTP), allowing easy swapping of the dollar-linked stablecoin USDC between supported blockchains, including dYdX Chain.
Noble, a Cosmos application-specific blockchain, plans to launch CCTP on November 28.
This collaboration aims to simplify the process of transferring USDC to dYdX Chain, enhancing user experience. Through the non-custodial bridging mechanism of CCTP, dYdX, positioned as the first power user of CCTP, anticipates significant liquidity migration to Cosmos, unlocking user experience benefits for its v4 software on the dYdX Chain.