During the US session, DYDX traded at $2.46 with a trading volume of $260 million. The coin has increased by 4.6% in the last 24 hours. CoinMarketCap now ranks it at 150, with a live market cap of $161 million. The DYDX/USD pair ended the day at $2.18, with a high of $2.45 and a low of $1.96. DYDX’s uptrend could be associated with the DYDX V4 full decentralization. Here’s everything you need to know.
dYdX V4 Full Decentralization
dYdX introduced the dYdX chain, a new Cosmos SDK-based blockchain; the sovereign network is required to meet the protocol’s goal of releasing a completely decentralized V4 network. On the Layer-2 StarkEx network, the dYdX protocol runs a derivatives exchange. The hybrid-decentralized exchange, cleverly called after the mathematical notation, offers perpetual futures (perp) contracts identical to those found on Binance, FTX, and other centralized exchanges.
The protocol’s ultimate goal is to create a fully decentralized derivatives exchange in which no single entity, including the team, may claim power over the protocol’s core functions. The dYdX chain announced an innovation in its ecosystem on July 20. According to the founder of dYdX, a new chain will allow the platform to more easily customize features such as cost structures and transaction speeds, providing customers with the best experience possible. Following the news, DYDX’s price rocketed from $2 to $2.47.
DYDX Price Chart – Source: Tradingview
DYDX: A Blockchain Based on Cosmos SDK Underpins DYDX
The news of the platform launching its blockchain has surprised the crypto world. The DYDX protocol intends to transition from proof-of-work consensus to a Cosmos SDK-based blockchain. The platform decided to take this step to provide its clients with a fully decentralized protocol. As previously stated, DYDX must be self-sufficient to provide this service because Ethereum hosts it.
The new chain will replace the current dYdX platform based on StarkWare, an Ethereum scaling platform that uses ZK-rollup technology to support fast and cheap transactions. The decision to be self-sufficient piqued investors’ interest in this token.
The DYDX will become more valuable to investors due to the release of this new wholly decentralized blockchain. This is because the digital space is transforming into a decentralized world, and coins that provide this service will thrive.
The prices of the leading cryptocurrencies, Bitcoin and Ethereum, rose after a decline, and the rise in BTC and ETH adoption directly impacted the adoption of DYDX. Thus, a surge in Bitcoin and Ethereum’s prices is also driving an uptrend in DYDX.
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Read More: dYdX V4 Full Decentralization Will Make its Token More Valuable – Buy Now?
