dYdx outlines plans for full decentralization by the end of 2022

dYdX, the Layer 2 Derivatives Protocol, has released the fourth iteration of its roadmap outlining its intentions to become a fully decentralized, community-managed, open-source exchange by the end of this calendar year.

Nowadays, The platform runs on a hybrid model in which part of the operations is decentralized, in particular participation and governance, while dYdX Trading Inc manages other components such as the off-chain order book and the comparison engine, along with external support from a number of outsourced centralized ones Servers like Amazon Web Services.

“There will be no more central checkpoints or protocol errors,” they said before going on to say that “all aspects of the protocol that can be controlled are fully controlled by the community” ????.

DYdX’s mission is to build the world’s leading trading platform for cryptocurrencies

Decentralization is at the heart of dYdX’s mission. We believe that decentralization will lead to radical improvements in transparency, security, fairness and equal opportunities.

dYdx outlines plans for full decentralization by the end of 2022
dYdx outlines plans for full decentralization by the end of 2022

In addition to decentralized efforts, The platform also seeks to understand the possibilities of implementing spot, margin and synthetic trading functions, improve the trading experience and interface, and appoint an outside auditor to consistently rate the platform.

dYdX had a record year in 2021 and grew into one of the most prominent teams based on Ethereum using its smart contract and the cumulative packages Starkware Zero-Knowledge.

In September last year, the derivatives exchange distributed the dYdX governance token with an overwhelming roar from its 64,306 authorized users and the broader crypto community. Average customers who traded between $ 1,000 and $ 10,000 prior to the retrospective close date could claim 1,163 DYDX, which is $ 16,561 at that point.

After the airdrop, momentum for the project picked up and was quantified as the exchange exceeded the daily transaction volume of the global exchange Coinbase ($ 4.3 billion to $ 3.7 billion) for the first time in its history.. As a result, the asset rose to an all-time high of $ 27.78 on September 30, but has now fallen nearly 75% to a price of $ 7.20 in the face of a wider market correction.

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