dYdX Has Made a Vow To Be Fully Decentralized by End of 2022 -Breaking
- dYdX made a commitment to the public, that it would be 100 percent decentralized.
- They will focus on the orderbook management engine and other aspects of decentralization.
- dYdX trading Inc. won’t be paid any trading fees
dYdX, an Layer-2-based crypto derivatives trading platform has made a promise to the public that it will be “100% decentralized” by the end of 2022.
At the moment, only certain components of dYdX may be considered decentralized. This includes its Ethereum smart contracts and governance. Meanwhile, the order book and matching engine are being managed by the team that developed the platform – dYdX Trading Inc.
dYdX stated in a blog, that their main focus with regard to decentralization is on the orderbook as well its managing engine. The team said that their main challenges are scaling throughput and finality in a distributed manner.
Yesterday’s announcement by dYdX on Twitter (NYSE -) was the V4 update. V4-dYdX will become fully decentralized, and any aspects that are possible to be managed will be completely controlled by the community.
#DYDX is 100% decentralized under EOY
You are not ready.https://t.co/0StvepVlgb
— dYdX (@dYdX) April 19, 2022
In addition, the roadmap highlighted improvements Decentralized Finance (DeFi) could bring. It said:
DeFi provides a significant improvement in transparency. Users will see the financial system as a transparent entity for the first-ever time. DeFi lets users trust code and not corporations.
The V4 update stated that dYdX Trading Inc. would not receive trading fees, and the platform was committed to offering more services and products. These products include synthetics, spot and margin trading.
Many entities operating in crypto seem to be moving towards full decentralization. MakerDao, for example, announced that in 2021 they would also move toward becoming fully decentralized.