DYdX Foundation CEO: Moving to Own Blockchain from Ethereum
The CEO of the DYdX Foundation, Charles d'Haussy, referred to the decision to establish their own blockchain on Cosmos instead of relying on Ethereum as a prelude to greater technological independence. In response to concerns about Ethereum's scalability, DYdX had announced their departure from the Ethereum network last year and subsequently launched a V4 private testnet in early April, marking a significant milestone in their roadmap.
During an interview with CoinDesk at the IVS Crypto Conference in Japan, d'Haussy explained that having their own blockchain grants DYdX full control over their technological infrastructure, eliminating the need to align with Ethereum's development timeline and compromises. He emphasized the concept of tech sovereignty, stating that when a platform operates on someone else's blockchain, they become dependent on that blockchain's roadmap, which hinders their ability to execute at a rapid pace. By transitioning to their own blockchain, DYdX gains the freedom to move away from a general-purpose blockchain and accelerate their operations.
While DYdX is not a new platform, it has garnered renewed interest due to the Securities and Exchange Commission (SEC) targeting its centralized counterparts. However, the platform has experienced some challenges along the way. The ultimate question is whether its new technology stack will serve as a remedy. Notably, DYdX's token has experienced a decline of approximately 6% in the past month, contrasting with a 1.3% increase in the price of Ether. This indicates that the market is approaching DYdX's upcoming chapter with caution as the exchange prepares for its future endeavors.
BTCUSD
BUY 30300 - 30500 💯💯
✅ TP1: 30800
✅ TP2: 31100
✅ TP3: 31400
🛑 SL: 29900
During an interview with CoinDesk at the IVS Crypto Conference in Japan, d'Haussy explained that having their own blockchain grants DYdX full control over their technological infrastructure, eliminating the need to align with Ethereum's development timeline and compromises. He emphasized the concept of tech sovereignty, stating that when a platform operates on someone else's blockchain, they become dependent on that blockchain's roadmap, which hinders their ability to execute at a rapid pace. By transitioning to their own blockchain, DYdX gains the freedom to move away from a general-purpose blockchain and accelerate their operations.
While DYdX is not a new platform, it has garnered renewed interest due to the Securities and Exchange Commission (SEC) targeting its centralized counterparts. However, the platform has experienced some challenges along the way. The ultimate question is whether its new technology stack will serve as a remedy. Notably, DYdX's token has experienced a decline of approximately 6% in the past month, contrasting with a 1.3% increase in the price of Ether. This indicates that the market is approaching DYdX's upcoming chapter with caution as the exchange prepares for its future endeavors.
BTCUSD
BUY 30300 - 30500 💯💯 ✅ TP1: 30800
✅ TP2: 31100
✅ TP3: 31400
🛑 SL: 29900
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