Supporting dYdX as a Validator
Originally published on October 26, 2023.
Why should we support dYdX Chain?
At dYdX, they have consistently embraced transformative changes to deliver an unparalleled user experience. This commitment is evident in their early adoption of Layer 2 solutions and strategic decisions to establish the dYdX Chain as a standalone app-chain.
Opting for a dedicated app-chain is in line with their core principle of achieving complete decentralization, addressing the need for increased speed and user-friendly functionality demanded by traders. The newly introduced dYdX Chain boasts an unprecedented transaction capacity of up to 2,000 transactions per second within the DeFi landscape.
Furthermore, the dYdX Chain represents a shift towards full decentralization across all aspects of the protocol, including the order book. Constructing our own app-chain has empowered us with full control over the entire technological stack, enabling customization of the chain’s operations and defining the roles of third-party validators. It’s crucial to highlight that dYdX Trading relinquishes control over any aspect of the infrastructure supporting the deployment of the new dYdX Chain.
What will happen next?
dYdX follows the principle of envisioning goals on a scale ten times larger than the current status quo. Rather than settling for current achievements, the focus is on setting ambitious goals for the future, with the ultimate vision of seeing dYdX’s open-source software driving one of the largest exchanges in the cryptocurrency landscape. Committed to strategic decisions that maximize the chances of realizing this vision, dYdX is dedicated to avoiding a more modest definition of success.
Dissatisfaction with existing approaches to developing open-source software for a fully decentralized exchange prompted dYdX to take a different path. Despite confidence in their ability to create open-source software using established methods, doubts arose about whether these approaches could deliver an experience aligned with achieving their ambitious goal.
The transition from software for a decentralized, off-chain order book and matching engine on Ethereum to developing open-source, dYdX-specific chain software for a significant DeFi protocol represents uncharted territory. Despite uncertainties and significant development challenges, dYdX firmly believes this approach offers the best chance of creating software that can deliver a competitive, long-term product experience akin to centralized exchanges. By embracing new technologies and maintaining leadership in the industry, dYdX is excited about the possibilities.
As a Genesis Validator in the dYdX Chain, Provalidator is thrilled to contribute positively to the broader dYdX ecosystem. Governance decisions made by Provalidator will significantly influence their commitment to decentralization, a user-centric ethos, and community-driven initiatives.
Provalidator will continue support on dYdX Chain, please stay tuned for more of our announcements and stake your $DYDX with us. Thank you!
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
