The dYdX Chain Explorer, Mintscan
The most powerful open exchange’s standalone app-chain, dYdX Chain is now supported on Mintscan, powered by Cosmostation.
Mintscan, the block explorer of the Cosmos Interchain ecosystem, has now extended its support to the dYdX Chain, marking a notable milestone in fostering transparency and user-centric analytics for the decentralized perpetual contracts exchange, dYdX. Mintscan will not only enhance the visibility of on-chain activities but also augment the analytic capacity for the dYdX users.
About Cosmostation
Cosmostation is a dYdX Chain genesis validator and a key player in the Cosmos ecosystem, providing invaluable infrastructure legos essential for scaling and onboarding users onto blockchain networks. Through Mintscan, Cosmostation continues to drive the ethos of transparency and user-centric design, fostering a more insightful interaction with blockchain data across various networks. At Cosmostation, we bootstrap networks and onboard end-users.
Stake DYDX with Cosmostation to help secure dYdX Chain and get staking rewards(stakers will get a portion of dYdX trading fees — in USDC!).
dYdX Exchange
dYdX is a decentralized derivatives exchange initially launched on the Ethereum blockchain. Its vision to provide a more open and accessible financial system has driven the platform to evolve and adapt to meet the growing demands of the DeFi space. dYdX’s current daily trading volume goes over $2B. In its latest iteration, dYdX has transitioned to a standalone blockchain, known as the dYdX Chain, to deliver enhanced scalability and performance for its user base.
dYdX Chain
The dYdX Chain, also referred to as dYdX v4, is an open-source blockchain developed based on the Cosmos SDK and Tendermint Proof-of-Stake consensus protocol. This independent blockchain is tailored to support the decentralized derivatives exchange, offering up to 2,000 transactions per second, thereby providing a robust infrastructure for the dYdX platform.
Building as a standalone Cosmos blockchain allows dYdX to be a decentralized off-chain orderbook matching exchange. In dYdX v4, a.k.a. dYdX Chain, each validator will run an in-memory orderbook that is never committed to consensus (off-chain part). In the meantime, orders placed, cancelled, and match will be propagated through the network (on-chain part). This is made possible by leveraging the Cosmos’s dPoS validator system and high customizability.
dYdX Chain on Mintscan
Standard Explorer for Cosmos blockchains
Mintscan is an established block explorer offering a user-friendly UI/UX specialized for Cosmos blockchains. Users can access tailored data across 60 mainnet and 19 tesetnet blockchains. Mintscan’s service includes displaying information about validators, onchain governance, IBC relayers, account details, block consensus state, transactions details, and onchain assets, catering to the Cosmos Interchain ecosystem.
The above page is an example of onchain governance visual analytics page available for the networks on Mintscan. On Mintscan, users can see how the validators are participating in the governance, because onchain proposals can be voted on by validators on behalf of the $DYDX coin delegators in dYdX Chain. Delegators(stakers) still get the final say in the voting decision if they decide to vote.
Choosing the right validator to stake(delegate) $DYDX is critical in Cosmos, including dYdX Chain. The validators play several crucial roles in the network: securing the network, voting on onchain proposals, and distributing staking rewards to the $DYDX stakers. So Mintscan’s validator tab provides all the important data about validators for the $DYDX holders.
Custom Features for dYdX Chain
Cosmos chains are all unique in their own way as Cosmos SDK allows a high degree of customization. As it is a chain dedicated to trading, placing orders and matching orders are the foremost important activities on dYdX Chain. And to provide the best visibility for theses transactions, Mintscan displays them in tailored UI instead of raw transactions records.
In addition, dYdX users’ sub-accounts are shown in detail under the account details page of dYdX Chain Mintscan. Each sub account’s asset position, long position, short position, PNL, and funding amount are all available on Mintscan.
More Analytics Planned for dYdX Chain
While the full spectrum of analytics features for the dYdX Chain on Mintscan remains under wraps, there is a plan for further developments for the dYdX Chain on Mintscan. Some of the features currently undergoing the development are daily order matching volume charts and active traders list.
About Mintscan
Mintscan, powered by Cosmostation, is an Interchain block explorer designed to provide comprehensive data analytics for sovereign blockchain networks. It supports over 60 sovereign networks, each with unique validator sets and value propositions interconnected via the Cosmos IBC protocol. By offering a blend of basic and custom features, Mintscan stands as a pivotal tool for users, developers, and stakeholders within the Cosmos blockchain ecosystem. Since the Mintscan 2.0 launch in July 2023, Mintscan has been the Interchain portal where all the users get insights and indexed onchain data from.
