dYdX is a non-custodial exchange that does over $2.6 billion per day in trading volume, but currently uses a centralized order book .
Crypto exchange dYdX has published the open source code for its new Cosmos-based network of the same name, according to an October 23 blog post. The new codethe “protocol, order book, front-end, and more,” the post stated. The publication of the code is intended to pave the way for a mainnet launch, which is being organized by the dYdX Decentralized Autonomous Organization SubDAO on Operations.
DYdX is one of the largest non-custodial cryptocurrency exchanges, with over $2.6 billion in daily trading volume, according to Coingecko. However, it relies on a centralized order book to match traders with market makers. Because of this order book, it's sometimes regarded as not being truly decentralized.the exchange’s order book, taking the protocol out of the hands of the development team and making it truly decentralized.
According to the October 23 post, the new code will allow the dYdX infrastructure to “run globally by DeFi enthusiasts.” Once the mainnet launch is complete, the dYdX development team “will not run any part of the infrastructure behind any deployment of the new dYdX Chain.” The team did not state an official launch date for mainnet. Instead, it stated that readers should “check out the blog post from the dYdX Operations subDAO” to learn more.a phased mainnet launch.
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