dYdX Creates New Plans For Full Decentralization In Late 2022

dYdX creates new plans for a full decentralization plan in late 2022 according to the latest blog post prompting the participants to trust code instead of corporations in their pursuit of decentralization as we can see further in our latest crypto news.

dYdX is the layer-two derivatives protocol published in the fourth iteration of the roadmap detailing the intentions to evolve into an open-source community governed decentralized exchange by the end of this year. The platform now runs on a hybrid model where a chunk of the operations are decentralized such as staking and governance while other components are managed by the company alongside external support from centralized servers like Amazon Web Services and now DYDX creates new plans for decentralization. They stated before:

“There will no longer be central points of control or failure of the protocol and all aspects of the protocol that can be controlled will be fully controlled by the community.”

dYdX's top priority is to release the next version of the protocol, V4, by EOY 2022
dYdX V4 will be fully decentralized, community controlled, and have no central components
No central party will receive trading fees on dYdX V4https://t.co/0StveqcW7J

— dYdX (@dydxprotocol) January 11, 2022

In addition to the decentralized endeavors, the platform wants to understand the capabilities of implementing spot and margin trading capabilities in order to enhance the trading experience and interface as well as appoint an external auditor to assess the platform on a consistent basis. The platform experienced a record-breaking year in 2021 and became one of the most prominent platforms built upon Ethereum for which it utilizes the smart contract and its zero-knowledge rollups. Last year, the derivatives exchange distributed the governance token of the company to about 64,306 eligible users as well as the wider crypto community.

The customers who traded between $1000 and $10,000 before the retroactive date could claim 1163 DYDX which is equivalent to $16,561 at press time. After the airdrop, the momentum surged for the project and reached a high when the exchange surpassed the daily trading volume of Coinbase for the first time in history. The asset increased to an all-time high of $27.78 however it now dropped by about 75% to a price of $7.20 amid the wider market correction.

As recently reported, The decentralized derivatives exchange dYdX saw a surge in trade activity as the concerns around the renewed Chinese crypto crackdown circulated all year long with the DEX now processing even more volume than Coinbase’s spot markets. As per the data from CoinGecko, DyDX facilitated more than $4.3 billion worth of trades in the past 24-hours and surpassed Coinbase’s $3.7 billion in volume by 15%. DyDX founder and former coinbase employee Antonio Juliano celebrated this milestone in a tweet.

Source: https://www.dcforecasts.com/altcoin-news/dydx-creates-new-plans-for-full-decentralization-in-late-2022/