The community of the decentralized exchange dYdX almost unanimously voted for the adoption of the fourth version of the protocol and the migration of the DYDX token to the new blockchain platform.
On July 5, the project team launched a public testnet based on Cosmos and the Tendermint consensus protocol.
The official launch of the dYdX mainnet is scheduled for the end of 2023.
It is assumed that after that the centralized order book and the mechanism for matching applications will disappear on the exchange. In this case, the platform will not use AMM algorithms.
A recent proposal was put forward by the developer Wintermute. It implies that the community accepts an Ethereum smart contract commissioned by the dYdX Foundation, which will “facilitate the creation of an autonomous one-way bridge for moving DYDX tokens.”
As a result of the migration, wethDYDX will replace the main coin, which will have the same management functions.
The next integration vote is scheduled for September 8th.
Recall that in August, dYdX unlocked 6.52 million DYDX tokens worth $13.82 million.
In April, the decentralized exchange left Canada due to pressure from regulators.
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