The dYdX decentralized exchange team has added support for the Axelar cross-chain bridge for the implementation of appchains in the Cosmos ecosystem.
1/ One-click to the dYdX Chain 💪
We’re excited to announce that the dYdX Chain will integrate with @squidrouter x @axelarcore.
Users can now integrate with dYdX Chain from Ethereum, app-chains, or supported L2s w/o the hassle of bridging 🧵https://t.co/65iE8kqWYk
— dYdX (@dYdX) September 20, 2023
The initiative was implemented as part of an expanded transition to the fourth version of the protocol, which includes such functionality.
The goal is to support onboarding/offboarding in dYdX v4 in one click.
Integration is implemented using the Squid solution built on the basis of Axelar.
“A prerequisite for the success of an appchain-based approach is high flexibility, speed and ease of interoperability. The dYdX blockchain needs to attract users from L2Ethereum, other appchains and centralized exchanges to serve as many users as possible,” – the message says.
The developers expect preparations for open source v4 to be completed in October.
The official launch of the dYdX mainnet is scheduled for the end of 2023.
It is expected that after this the centralized order book and order matching mechanism will disappear on the exchange. In this case, the platform will not use AMM algorithms.
Let us remind you that in August dYdX unlocked 6.52 million DYDX tokens worth $13.82 million.
In April, the decentralized exchange left Canada due to regulatory pressure.
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