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dYdX Chain Kickstarts Operations With Beta Mainnet Launch

today 11/15/2023
The dYdX Chain has launched its beta mainnet, allowing users to experience live trading and a scalable onchain environment. The beta phase offers perpetual trading in over 33 markets, with trading fees accruing to validators and stakers. While no trading rewards will be distributed during this stage, validators and stakers will accumulate trading fees. Traders can transition to the dYdX Chain by depositing their DYDX tokens into a smart contract on Ethereum and receiving wethDYDX tokens on the dYdX Chain. The platform is committed to transparency and will provide updates to the community. The dYdX Chain was built on the Cosmos chain and employs the ComeBFT consensus mechanism. It originally launched on Ethereum in 2019 and quickly attracted traders seeking leveraged crypto trading. As dYdX grew and Ethereum network fees increased, it became necessary for the two networks to split. The development of the dYdX Chain took time and required community voting for each phase. The beta phase will test the network's performance and offer users a responsive base layer for trading with low fees.
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