dYdX Plans Migration to Cosmos Network for Purely Decentralized Order Book Exchange
Summary:
DEX platform dYdX is planning to migrate to the Cosmos network and offer a "purely decentralized" order books exchange. The move aims to address the slow performance of on-chain order books faced by decentralized exchanges. dYdX plans to host the order book within the memory of validators, rather than on-chain, to ensure faster transaction speeds. The migration process will be seamless for users, who only need to connect their MetaMask wallets to the new dYdX chain.
DEX platform dYdX has announced plans to migrate from the Ethereum network to the interchain network Cosmos, with the aim of offering a "purely decentralized" order books exchange. The CEO of the dYdX Foundation, Charles d'Haussy, discussed these plans in an interview at the Korea Blockchain Week 2023. One of the challenges faced by decentralized exchanges is the slow performance of on-chain order books, which led to the decision to host the order book within the memory of validators, instead of on-chain. By doing so, dYdX aims to offer a decentralized order book exchange to the market. In addition to this development, d'Haussy also highlighted the platform's full migration to Cosmos, which will be a seamless process for users.
Published At
9/6/2023 8:15:04 AM
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