dYdX Chain enters Beta Mainnet stage, launches active trading across 33 markets

dYdX Chain enters Beta Mainnet stage, launches active trading across 33 markets

By Charles Thuo - min read
  • dYdX Chain Beta Mainnet launch enables active trading across 33 markets.
  • Users can trade on dydx.trade with 20x leverage.
  • There will however be no rewards during the beta stage.

In a significant development for the decentralized derivatives trading space, the dYdX Chain has officially entered its beta mainnet stage.

This move follows a decisive governance vote, with over 99% community support, allowing active trading across more than 33 markets.

Beta Mainnet launch and trading features

The transition from the alpha stage to the beta mainnet stage occurred at 8:45 a.m. EST on a Monday, as confirmed by the dYdX Operations subDAO, responsible for the decentralized infrastructure of the dYdX Chain.

Users can now actively participate in trading via the dydx.trade platform, with access to over 33 perpetual markets offering up to 20x leverage.

During this beta stage, no trading rewards will be distributed to users. However, validators and stakers will accrue trading fees. This phase serves as a critical testing period for the active trading environment on the dYdX Chain.

Evolution from Ethereum Layer 2 scaling to Cosmos-based blockchain

The dYdX Chain’s journey to this point involved a notable shift from its reliance on Ethereum Layer 2 scaling solution StarkEx in version 3 to becoming a standalone Layer 1 blockchain on the Cosmos ecosystem with the launch of version 4. The alpha mainnet for dYdX version 4 and the debut of its Cosmos-based blockchain took place on October 26.

The dYdX platform, renowned as the most extensive decentralized derivatives trading platform in the crypto space, has seen a cumulative trading volume exceeding $1 trillion since 2020. The successful governance vote and subsequent beta mainnet launch mark a crucial step in dYdX’s ongoing commitment to providing a robust and efficient decentralized trading experience.

This news underscores the platform’s focus on community-driven decision-making and its dedication to refining the dYdX Chain through meticulous testing before progressing to full trading with rewards.