Background:
As a reminder, the dYdX v3 exchange has an offshore matching engine supported by dYdX Trading. All funds and settlement on v3 occur on smart contracts controlled by tokenholder governance. Trading fees on v3 accrue to dYdX Trading.
By contrast, dYdX Chain is fully decentralized. All of the trading fees paid on dYdX Chain accrue to validators and DYDX stakers. All dYdX Chain code is open source.
What are we doing?
dYdX Trading is exploring strategic alternatives related to the v3 technology, which does not include the Ethereum smart contract or other technology governed by the utility token. Token holders would, of course, have to vote to approve any changes to the smart contracts that underly v3.
Why are we doing this?
dYdX Trading is all in on dYdX Chain. While v3 has been successful, we believe dYdX Chain better represents the vision of dYdX Trading Inc. and the ethos of DeFi, and we will be dedicating ourselves to the development of this software.
Considering strategic alternatives for the v3 technology is a way to clarify our focus to allow us to make dYdX Chain software as successful as possible.
What’s next?
We have some incredible things in store for the dYdX Chain software. Novel new liquidity mechanisms including an integration with our friends at Elixir, permissionless market listings, and new ways to trade, all coming in the next few months.
Check out our product roadmap here.
Legitimacy and Disclaimer
Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.
dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain’s infrastructure.
The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.
The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof) “AS IS, WHERE IS”.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.
