Provalidator on dYdX Chain Mainnet Launch
Originally published on October 26, 2023
Updated on November 7, 2023
dYdX Chain’s Mainnet Steals the Spotlight
In a revolutionary step, the dYdX Foundation has introduced a new era for the dYdX ecosystem through a set of remarkable enhancements. The most significant among them is the official launch of the dYdX Chain’s mainnet on October 26, 2023, where key players like Genesis Validators have had a crucial role in shaping the platform’s first block.
Pre-Genesis: dYdX on a mission.
dYdX, one of the leading decentralized cryptocurrency exchanges, with a daily trading volume exceeding $2.6 billion as reported by CoinGecko, faces a dilemma due to its reliance on a centralized order book for matching traders with market makers. This centralized feature has led to perceptions of dYdX not achieving full decentralization.
In order to solve this problem, dYdX has been actively working on the development of a Cosmos-based dYdX chain improving decentralization, scalability, customization, and speed, surpassing any previous version of dYdX as the largest on-chain DEX on Cosmos. With its launch, dYdX paves the way for users to securely and transparently engage in various decentralized financial activities, unlocking a realm of possibilities.
Genesis: The next chapter for dYdX.
Fully open-source the completed dYdX Chain
In the lead-up to the mainnet launch, dYdX achieved a milestone by unveiling the open-source software for the dYdX Chain on October 24.
“The release marks the full decentralization of dYdX, and is a big step on our mission to democratize access to financial opportunity,” Antonio Juliano, dYdX’s founder and CEO, said in a statement.
Open-source software empowers developers across the globe to scrutinize, customize, and actively contribute to the codebase. By extending their software’s reach to the global community, dYdX fosters a collective initiative aimed at enhancing and advancing the ecosystem. This collaborative ethos embodies the fundamental tenets of blockchain technology, underscoring the pivotal significance of decentralization and active community involvement.
Post-Genesis: More to come, stay tuned.
⭐ We’re in Alpha Stage: More network stability and security.
In the Alpha stage, the dYdX Operations subDAO, tasked with deploying the dYdX protocol Front-End, and the Indexer, will place a higher emphasis on ensuring stability and security rather than focusing on expanding trading functionalities. To safeguard the stability and security of the dYdX Chain, DYDX token holders within the dYdX Chain ecosystem might want to consider the option of staking their DYDX tokens with validators during this phase.
It’s important to note that the network may encounter disturbances in the initial phase after the Genesis launch. To uphold transparency and oversee the performance of the dYdX Chain, public dashboards such as those offered by Mintscan, Keplr, and others will be available. Ecosystem participants should keep an eye on essential metrics like stake distribution, node count, block times, and e.t.c. among other vital indicators.
The Alpha stage allows for relatively frictionless forks or rollbacks if significant issues arise, such as errors, functional glitches, security vulnerabilities, or malicious attempts by bad actors. As mentioned, the dYdX Operations subDAO plans to limit incentives and trading during this stage. This means that the implications of state reversions would be considerably reduced since a hostile takeover would be economically unviable.
🏆 Stay informed for Beta Stage: Trading Enabled
Advancing from the Alpha stage to the Beta stage relies on the stability and security of the dYdX Chain network, along with the preparedness of the indexer infrastructure, among other factors. To navigate this phase effectively, the dYdX Operations subDAO team and others will closely monitor key benchmarks to evaluate the dYdX Chain’s readiness for the Beta stage. These benchmarks include:
- Sufficient DYDX tokens staked to a diverse set of validators to ensure network security.
- No anticipation of further updates or fixes, among other factors.
During the Beta stage, the dYdX Operations subDAO, tasked with operating a protocol front-end and deploying the indexer, may contemplate opening up the network for public access, pending a thorough evaluation of the established criteria. Nevertheless, the foremost priority in this phase should continue to be the preservation of network security and stability.
With the Beta stage on the horizon, the dYdX community is considering the potential introduction of supplementary reward and incentive programs aimed at boosting liquidity and engagement on the dYdX Chain. These deliberations are actively ongoing in the dYdX Forum and would necessitate a governance vote within the dYdX Chain, provided it gets deployed on the mainnet.
Conclusion
We are thrilled to be a cornerstone in the dYdX Chain as a Genesis Validator, contributing positively to the broader dYdX ecosystem. As we progress on this journey, the governance decisions made by Provalidator will profoundly influence our dedication to decentralization, a user-centric ethos, and community-driven initiatives.
Provalidator provides a secure and user-friendly staking solution for the dYdX token. By staking with us, you not only earn rewards but also actively contribute to the security and stability of the dYdX Chain.
About Provalidator
Provalidator is a professional Proof-of-Stake blockchain validator and decentralized infrastructure provider. We offer enterprise-level validation services to more than 30+ blockchain networks, safeguarding over $250 million (as of December 2022) in digital assets through our robust infrastructure. Our team has been operating validator nodes since 2018 starting with the Cosmos Hub, and is currently one of the most prominent validators in the Cosmos ecosystem.
At the heart of our operations is validator service, which are specialized servers or nodes in a blockchain network tasked with proposing, authenticating transactions, and incorporating new blocks into the blockchain. Our dedicated team is on standby around the clock, ensuring swift responses to any validator node concerns. We’ve implemented multi-layered security and monitoring systems to safeguard our infrastructure and prioritize interests of our delegators.
Our mission is to support blockchain infrastructure.
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Contact: business@provalidator.com
