Genesis Validator Luganodes: dYdX Chain v1.0 Mainnet Launch

The Mainnet launch of the dYdX Chain is eagerly anticipated by all enthusiasts, including us at Luganodes. Their new Cosmos-based offering propels the decentralised exchange into a new era. The code, protocol, orderbook, and front-end components are all fully developed and have undergone comprehensive audits. What's truly exciting is that the code has been openly shared for public utilisation.

Our camp at Luganodes is buzzing with excitement as we embrace this revolutionary change. The exhilarating news that truly ignites our enthusiasm is Luganodes' central role as one of the genesis validators in this transformative journey!

dYdX Chain v1.0

In our earlier article, we discussed the fascinating journey of dYdX, a decentralised exchange (DEX) that has been making waves in the world of Decentralised Finance (DeFi). We explored how dYdX has been driving innovation in the crypto derivatives market, offering unique features like perpetual contracts. It has been quite a journey from its initial presence on the Ethereum Layer 1 to the transition to its very own Cosmos-based chain - which we are finally witnessing come to life.

1/ It’s finally here 🎉

Today, we’re proud to present and fully open-source the completed dYdX Chain!

This is the next chapter for dYdX and we’re so excited that it’s here.

Let’s get into the details:https://t.co/ydil2jkqJs

— dYdX (@dYdX) October 24, 2023

Of the People and Open Source

With the move to the dYdX chain, every single working component is decentralised and fully customisable. The dYdX development team has declared its intention to no longer retain influence over the protocol's infrastructure and governance choices. This move is viewed as a means to pave the way for the establishment of an authentically permissionless and resistant-to-censorship decentralised exchange, one that is entirely overseen and operated by its community.

All future changes will be implemented via governance votes by the dYdX community. dYdX Trading has relinquished the running and operations, instead beginning the transition to becoming a Public Benefit Corporation. And speaking of the public, the source code too has been made entirely open-source, in line with the spirit of transparency and community.

Now we can all follow along and see how the future unfolds now that the infrastructure is in DeFi-enthusiast hands - including yours.

Luganodes Laying the Foundation

The excitement surrounding Luganodes' role as a Genesis validator in the dYdX Chain is underpinned by significant implications. First and foremost, as a Genesis validator, Luganodes will play a pioneering role, serving as a vanguard responsible for establishing the foundation upon which all future activities within the network will be built. This crucial role extends to defining the initial parameters of the dYdX Chain, shaping its functionality, security, and growth trajectory.

dYdX Operations subDAO uses a segmented process to define the stages of the Chain Genesis Process. A pre-Genesis, Genesis and post-Genesis - all three stages requiring significant contributions from the validators. The “Alpha” and “Beta” stages of Post-Genesis are essential for ensuring network stability and gradual scaling, allowing the ecosystem to mature.

Conclusion

Throughout the journey ahead, Luganodes’ decisions in governance will have a profound impact on upholding the decentralisation, user-centric and community-driven approach. The Luganodes team is elated to play a foundational role in the dYdX chain and to make a positive impact on the greater dYdX ecosystem. Here’s to deriving more value from the Web3 future!

About Luganodes

Luganodes is a world-class, Swiss-operated, non-custodial blockchain infrastructure provider that has rapidly gained recognition in the industry for offering institutional-grade services. It was born out of the Lugano Plan B Program, an initiative driven by Tether and the City of Lugano. Luganodes maintains an exceptional 99.9% uptime with round-the-clock monitoring by SRE experts. With support for 45+ PoS networks, it ranks among the top validators on Polygon, Polkadot, Sui, and Tron. Luganodes prioritizes security and compliance, holding the distinction of being one of the first staking providers to adhere to all SOC 2 Type II, GDPR, and ISO 27001 standards as well as offering Chainproof insurance to institutional clients.