DYDX, a prominent DeFi platform, is undergoing significant changes. It recently issued a statement addressing regulatory pressures and underwent a transformation, transitioning from a developer company to a public interest organization. In the latest update with the V4 version, financial gains on the platform were eliminated. Now, another noteworthy announcement has been released, which has the potential to directly impact prices.

dYdX Trading, the American firm behind the development of the decentralized cryptocurrency derivatives exchange known as dYdX, has made a significant move by sharing the open-source code of their new network. This marks a crucial step in demonstrating the company's commitment to decentralization, especially as it undergoes a transformation into a public interest organization. Given the anticipated rise in regulatory scrutiny within the DeFi sector of the cryptocurrency space, it's worth noting that while some projects may currently disregard these concerns, the DYDX team is proactively preparing for the challenges that lie ahead.

Antonio Juliano, the Founder and CEO of dYdX Trading, conveyed the following in his statement:

Of greater significance, the upgrade encompasses a shift from an Ethereum-based Layer 2 blockchain to a Cosmos-based proof-of-stake protocol. This protocol is safeguarded and overseen by DYDX token holders.

When is DYDX Mainnet?

The test network for dYdX Chain was unveiled in March of this year, and it has undergone a series of enhancements since its inception. The decision to release the code as open-source represents a crucial milestone preceding the mainnet launch. Particularly in times of surging cryptocurrency markets, announcing the launch date can have a significant impact on the token's price.

An audit conducted by the blockchain auditing firm Informal Systems revealed that there were no critical errors identified in the open-source code. Nathan Cha, who serves as the Head of Marketing at dYdX, expressed the following sentiment:

This marks a notable advancement in the pursuit of complete decentralization, as emphasized in the initial section. As we move forward in the upcoming months, especially amidst the imposition of sanctions on DeFi protocols and the scrutiny faced by so-called decentralized protocols, DYDX is positioning itself to remain unscathed. In brief, all the measures undertaken to support the long-term prospects of DYDX Coin's price appear favorable.