dYdX Chain officially launches mainnet, DYDX rises 30% in the past seven days

dYdX V4 has officially launched its alpha mainnet, operating as a standalone Cosmos Layer1, signaling dYdX's transition to the V4 version and becoming a new community-governed blockchain. Since its launch in 2020, dYdX has accumulated a trading volume of over one trillion US dollars, making it one of the major decentralized derivatives trading platforms, previously built on Ethereum's L2 StarkNet infrastructure.

Is dYdX Chain competing with Uniswap? The v1 version of dYdX Chain has been released, emphasizing full open-source code.

According to data from DefiLlama, dYdX currently ranks 29th in Total Value Locked (TVL) with approximately $3.52 billion locked. In the decentralized derivatives market, dYdX holds a 43% market share. Additionally, dYdX has gone through four funding rounds, raising a total of $87 million from 45 participating institutions, including a16z, Polychain Capital, Wintermute, StarkWare, Hashkey, Paradigm, and Delphi Digital.

Charles d’Haussy, CEO of the dYdX Foundation, stated, "After years of development, 5 testnets, 60+ validators, and top trading firms, the dYdX chain will be launched formally by the community and DAO."

Founder Antonio mentioned that dYdX will transition into a public benefit corporation, with future goals not only focused on maximizing shareholder value but also on pursuing public benefits.

The main objectives of the mainnet in the alpha stage are focused on stress testing, with emphasis on bridging, staking, and security. Validators will register by submitting genesis files and can earn additional validation rewards. The transition from alpha to beta will be determined by community governance voting.

According to DYDX data, $DYDX is set to experience a significant unlock on December 3rd. The current circulating supply of $DYDX is around 178 million, and this unlock will release 150 million in liquidity, with over half coming from investors. Based on dYdX's past fundraising data, investors' average acquisition cost is approximately $0.3137, so this unlock is expected to bring about price correction pressure. Unlike before, dYdX V4 will offer profit-sharing to $DYDX stakers, including governance rights, fee discounts, and protocol revenue sharing. It remains uncertain whether dYdX's revenue-sharing strategy is sufficient to attract enough net buying pressure, but the outlook for $DYDX as a blue-chip asset generating real returns still appears promising.

At the time of reporting, $DYDX is trading at $2.5, up 30% in the past seven days.