DEFI

dYdX transitions to a public interest company and will not generate trading fee revenue from V4! Mainnet expected to launch this month.

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dYdX transitions to a public interest company and will not generate trading fee revenue from V4! Mainnet expected to launch this month.

dYdX V4 has been in development for over a year now, with its founder Antonio Juliano stating that the mainnet is expected to launch in October. Additionally, he recently announced that dYdX has transitioned into a public-benefit corporation and will not generate trading revenue from V4.

dYdX V4 Continues Testing, Mainnet Expected to Launch in October

According to previous reports, the derivatives exchange dYdX on Ethereum Layer 2 will migrate its protocol to the Cosmos ecosystem in the upcoming V4 release, and will develop the "dYdX Chain" based on Cosmos SDK.

Read more: dYdX V4 is Coming? DYDX Token Migration Proposal Approved! Will Move from Ethereum to "dYdX Chain"

Currently, dYdX Chain testnet 3 has been closed, and testnet 4 will be launched later this week. Additionally, in an interview with dYdX founder Antonio Juliano by CoinDesk, Antonio expects the dYdX Chain mainnet to launch in October.

dYdX Transitions to a Public Benefit Corporation, No Trading Fees Generated from V4

As the dYdX Chain mainnet is about to be released, founder Antonio announced a major update on X. Antonio stated that dYdX Trading Company has officially updated its bylaws to become a Public Benefit Corporation.

"As an open-source software developer, we will not operate or generate trading fee revenue from dYdX V4, in line with our commitment to the community."

Antonio added that despite being a Public Benefit Corporation, dYdX will continue to operate as a for-profit company. However, this will drive him and the board to act not only to maximize shareholder value but also in the public interest.