DYdX to launch decentralized order book exchange on Cosmos: KBW 2023

Decentralized speech (DEX) level dYdX plans to connection a “purely decentralized” bid publication speech arsenic it migrates its ecosystem from the Ethereum web to the interchain web Cosmos.

At the Korea Blockchain Week 2023, Cointelegraph’s Andrew Fenton spoke with dYdX Foundation CEO Charles d’Haussy astir the DEX’s plans to instrumentality decentralized bid books connected the speech and however it plans to displacement its ecosystem to a caller blockchain network.

Attendees astatine the Korea Blockchain Week 2023, held successful Seoul, South Korea. Source: Cointelegraph

In the interview, d’Haussy told Cointelegraph that 1 of the issues faced by DEXs is the dilatory show of on-chain bid books. Because of this issue, bid books for DEXs had to beryllium taken off-chain to cater to the needs of the users. He explained:

“If you person similar a one-second artifact time, you inactive person a one-second latency. And the marketplace of crypto derivatives is simply a precise high-frequency market. So, you cannot connection one-second latency.”

D’Haussy highlighted that dYdX is taking a “new measurement forward” successful decentralization by making the bid publication decentralized. According to the executive, the bid publication volition not beryllium connected the dYdX concatenation due to the fact that it volition inactive beryllium slow, but it volition alternatively beryllium hosted wrong the validators.

“So, the architecture prime by dYdX engineers is to decentralize the bid book, without adding it on-chain due to the fact that it volition beryllium excessively slow. The determination was made to fundamentally big the bid publication wrong the representation of the validators,” d’Haussy added.

D’Haussy believes this method is simply a “new happening wrong the space.” The enforcement explained that validators usually validate blocks and make caller blocks with a acceptable of transactions. He besides said the validators volition inactive bash this connected the dYdX concatenation but volition besides store bid books successful their memory. “And that’s 1 solution, which we’ll usage to fundamentally connection to the marketplace a purely decentralized bid publication exchange,” helium explained.

Related: 40% of crypto trading platforms are decentralized: World Federation of Exchanges

Apart from the decentralized bid book, d’Haussy spoke astir dYdX’s determination to Cosmos. “DYdX is not expanding, dYdX is migrating. So, the Ethereum speech volition adjacent wrong a fewer months [...] we are migrating the afloat ecosystem,” helium explained.

— dYdX Foundation (@dydxfoundation) September 3, 2023

According to d’Haussy, users volition hardly announcement the change, which volition beryllium precise smooth. Users volition lone request to link their MetaMask wallets to the caller dYdX chain, adding that dydx volition “take attraction of each the dense lifting.” 

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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