dYdX Achieves Milestones with Beta Mainnet Launch and Circle Integration

Decentralized derivatives platform dYdX has unveiled significant milestones for its Cosmos-based Layer 1 blockchain. The beta mainnet launch on Monday, November 13, represents a pivotal shift from the alpha stage. It allows users to engage in active trading across more than 33 perpetual markets with up to 20x leverage through the dydx.trade platform.

The beta stage is a crucial testing phase. It ensures the dYdX Chain protocol’s stability with minimal bugs. It also reduces issues before progressing from active to full trading, including the introduction of rewards. The transition was determined by a governance vote, underscoring the platform’s commitment to a secure and efficient trading environment. The dYdX Operations subDAO, overseeing the decentralized infrastructure, emphasizes the importance of vigilance in monitoring the dYdX Chain before engaging in significant trades.

The dYdX Chain’s independence from Ethereum and its Layer 2 scaling solution, StarkEx, was marked by its standalone Layer 1 blockchain launch on October 26. Built on the Cosmos ecosystem, known for its interoperable blockchains facilitating fast and low-cost transactions, dYdX Chain signals a new era for the platform.

dYdX Integrates with Circle

A key development enhancing dYdX’s capabilities is the integration with Circle, a prominent issuer of the USDC stablecoin. Circle has implemented the Cross-Chain Transfer Protocol (CCTP) on Noble, a Cosmos application-specific blockchain designed for native asset issuance. Noble, serving as the issuance chain for native USDC in the Cosmos and IBC ecosystems, currently hosts over 14.2 million USDC on-chain.

The CCTP mechanism ensures the secure transfer of USDC between supported blockchains through a native burn and mint process. This help eliminates the need for custodial bridging. Furthermore, with CCTP enabled on various blockchains, including Arbitrum, Avalanche, Base, Ethereum, and OP Mainnet, users gain a seamless method to transfer their assets to Cosmos.

The integration with Circle and the successful deployment of CCTP on Noble mark a significant engineering initiative. First presented in a testnet demo at Cosmoverse in October, the imminent mainnet deployment provides a substantial onboarding advantage for the dYdX Chain and the broader Cosmos ecosystem.

dYdX, recognized as the most extensive decentralized derivatives trading platform in the crypto space, has witnessed cumulative trading volumes surpassing $1 trillion since 2020. The beta mainnet launch, coupled with the integration with Circle, positions dYdX to offer an unparalleled trading experience for its users and extend its influence into new markets.

DYDX Reacts to the News

Reacting to the recent events, DYDX, dYdX’s native token, surged by a whopping 45% between November 13 and 15. The cryptocurrency tapped a new local high of $4.364, its highest point since April 2022. This rally, which comes amid a market-wide resurgence, could persist over the coming days as traders eye the $5 round figure.

However, caution should also be taken considering that a token unlock event is just around the corner for dYdX. According to data from token.unlock, a whopping $500 million worth of locked DYDX is set to flood into the market in early December. Therefore, the release should increase the circulating supply of the cryptocurrency from 183 million to over 395 million, a 120% increase in a single day.

Given the economics, token unlocks have the potential to trigger massive price crashes as investors cash out their holdings and dump the tokens rapidly to avoid getting trapped in a bearish wave.

DYDX Statistics Data

DYDX Current Price: $4

Market Cap: $737M

DYDX Circulating Supply: 183.7M

Total Supply: 1B

DYDX Market Ranking: #71

Get accurate, winning trading signals: https://learn2.trade/  

Best crypto trading bot: https://learn2.trade/crypto-trading-bot

Personal Note From MEXC Team

Check out our MEXC trading page and find out what we have to offer! There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading! Learn about interoperability now!

Join MEXC Creators Project or start your travel on MEXC

This article was contributed by our guest writer. Want to share something unique with over 10 million users? Check out the MEXC Creators program.

Join MEXC Creators
Register on MEXC Exchange

Azeez Mustapha

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author. He is a Senior Crypto trader and market analyst at Learn2.trade

Share your love to MEXC
Default image
Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author. He is a Senior Crypto trader and market analyst at Learn2.trade