[CryptoPotato]
[PRESS RELEASE – Zug, Switzerland, October 31st, 2023]
The dYdX Foundation is pleased to announce the open-sourcing of software for a Bridge User Interface that, if deployed, could facilitate the conversion by users of ethDYDX to DYDX, the layer 1 (L1) token of the dYdX Chain.
Three significant developments have happened in the dYdX Ecosystem recently:
- October 24, 2023 – dYdX Trading Inc. announced the release of the dYdX Chain open-source software.
- October 26, 2023 – The dYdX Operations subDAO announced that the mainnet genesis of the dYdX Chain occurred with Genesis Validators participating in the creation of the first block of the dYdX Chain.
- October 30, 2023 – The dYdX Operations subDAO announced that a Bridge User Interface has been deployed and made publicly available.
Following the mainnet genesis of the dYdX Chain and the open sourcing of the Bridge User Interface software, the dYdX Operations subDAO has announced that a Bridge User Interface has been deployed and made publicly available. This development allows users to bridge their DYDX tokens from Ethereum to the dYdX Chain, thus enabling expanded utility for the DYDX token. To convert ethDYDX into dYdX Chain DYDX you can visit bridge.dydx.trade and/or use the bridging guide available here. A Staking guide should be published in the coming days.
In a recent blog published by the dYdX Operations subDAO, three phases of dYdX Chain Genesis were highlighted: Pre Genesis, Genesis, and Post-Genesis. Currently, the dYdX Chain is in the Post-Genesis phase, which consists of two stages: Alpha and Beta.
It was referenced that the Alpha stage prioritizes bolstering the network’s stability and security. A significant facet of achieving this stability lies in the number of DYDX tokens staked to dYdX Chain Validators. Staking DYDX contributes to dYdX Chain security. As more DYDX holders choose to stake their tokens across a diverse range of Validators in the network, and the total amount of stake on the network increases, it becomes increasingly difficult for coordinated attacks to influence a consensus decision.
Transitioning from the Alpha to Beta stage depends on performance metrics and a successful dYdX Chain governance vote, among other key factors. The Beta stage is expected to enable limited trading functionality, paving the way for a full production version of the dYdX Chain.
In the Beta stage, the dYdX Operations subDAO, which will operate a protocol front-end and contract the operation of an indexer, will opt for public accessibility. You can find more details on the blog published by the dYdX Operations subDAO here.
More details about the dYdX Foundation’s open-sourced bridge User Interface software can be found in this blog post.
About dYdX Foundation
dYdX Foundation’s purpose is to support the current and future implementations of the dYdX protocol and foster community-driven growth in the dYdX ecosystem.
The parties, applications and solutions mentioned in or referred to in this post, including the dYdX Operations subDAO and dYdX Trading Inc., are independent from and unaffiliated with dYdX Foundation. dYdX Foundation is not responsible for any action taken by any third parties, or content set forth on any third-party websites, including any links posted for informational purposes that are linked in this page (including, without limitation, bridge.dydx.trade), and does not endorse in any way any of such parties, applications, solutions, actions or links. This post is subject to the dYdX Foundation Terms of Use.
The dYdX Chain software is solely open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain software be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation has no control of any kind over the use that people make of the dYdX Chain software, including, without limitation, with regard to: (i) potential deployments of such software, (ii) potential adaptations, forks or modified versions of such software, and their deployment, or (iii) users’ interactions with such software or deployments of such software. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations thereof), including (without limitation) with regard to the technical properties and performance of such software, as well as its actual or potential usefulness or suitability for any particular purpose. The dYdX Foundation will not operate any part of the dYdX Chain software (or any implementations, versions or adaptations thereof) nor will it be responsible for their continued availability.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance, or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. The dYdX Foundation does not directly participate in governance decisions to be made by the dYdX community, including, without limitation, by making and/or voting on governance proposals. The dYdX Foundation may alter or update any information in this post in the future and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it is made and should only be read and taken into consideration at the time it is made and on the basis of the circumstances that surround it. The dYdX Foundation makes no guarantees and is under no obligation to undertake any of the activities contemplated herein.
The post The dYdX Chain has Launched – Bridging and Staking Now Available appeared first on CryptoPotato.
Press Release