Derivatives exchange dYdX to become '100% decentralized by EOY'

Cointelegraph2022-04-21 tarihinde yayınlandı2022-04-21 tarihinde güncellendi

Özet

Ethereum Layer 2-based crypto derivatives trading platform dYdX has vowed to become “100% decentralized by EOY” via the protocol's V4 update.

Ethereum Layer 2-based crypto derivatives trading platform dYdX has vowed to become “100% decentralized by EOY” via the protocol's V4 update.
dYdX primarily offers perpetual contracts, which are derivatives products that borrow elements from both spot margin trading and futures trading but do not have an expiry date.
At present only certain components of dYdX are decentralized, including its Ethereum smart contracts, governance and staking. However its “orderbook and matching engine” are managed by dYdX Trading Inc. — the team that developed the platform.
dYdX announced the V4 update on Twitter yesterday with a new roadmap outlining that: “You are not ready.”
#DYDX will be 100% decentralized by EOY.
You are not ready.https://t.co/0StvepVlgb
— dYdX (@dYdX) April 19, 2022
In a blog dYdX explained that the “primary aspect” of fully decentralizing the platform is focused on the orderbook and its matching engine. The team noted that the main challenges will be scaling throughput (transaction processing power), finality (off-chain trade matching) and fairness (operators not being able to extract value from legitimate trading activity) in a decentralized manner.
“With V4, dYdX will become fully decentralized. There will no longer be central points of control or failure of the protocol; all aspects of the protocol that can be controlled will be fully controlled by the community,” the roadmap reads.
Outlining why the platform is going fully decentralized, dYdX emphasized the “fundamental improvement” that decentralized finance (DeFi) provides over centralized financial services:
“DeFi offers a massive improvement in transparency. For the first time, the financial system itself is no longer a black box to users. With DeFi, users can trust code instead of corporations.”
The V4 update will see dYdX Trading Inc. receive zero trading fees moving forward. Additionally, the platform will also roll out more products and services, such as synthetics and spot and margin trading.
While many DeFi projects often tout that they are “decentralized” due to smart contracts and their automated setups, they are often controlled by a small core team with access to a multisig admin key that gives them 'god mode' powers over the protocol. This is often a useful strategy to recover from errors while building the platform, but introduces centralized risks.
U.S. Securities and Exchange Commission chairman Gary Gensler argued that DeFi is mostly centralized during an interview in August last year, noting that:
“These so-called 'decentralized finance' platforms actually have a lot of centralization. There’s a group of entrepreneurs that are running these platforms.”
Another DeFi project to announce the move to full decentralization, or being “fully self-sufficient” was DAI stablecoin creator and pioneering protocol MakerDAO in mid-2021.
Maker Foundation CEO Rune Christensen noted in a blog post at the time that “the Protocol and the DAO will be determined by thousands or perhaps millions of engaged, enthusiastic community members.”
Critics note however that MakerDAO has 5.1 billion centralized USDC stablecoins backing its DAI reserves so the true extent of its decentralization is arguable.

İlgili Okumalar

Bitcoin's 'Rally Ends,' Officially Entering the Later Stage of a Bear Market?

Bitcoin prices declined 13% this week, reversing the recent rebound and signaling a likely transition into the later stages of a bear market. Key on-chain metrics deteriorated, with the short-term holder cost basis falling below the Realized Price—a pattern last seen in early 2022, characteristic of bear market maturity. The rally to ~$82k proved to be a bear market bounce, as evidenced by the 90-day realized profit/loss ratio failing to sustain above the bullish threshold of 2. Daily realized losses surged to $1.35B, including significant selling from long-term holders who accumulated near cycle tops, indicating ongoing supply redistribution. Price was rejected almost precisely at the aggregate US spot ETF cost basis of ~$83k, turning that level into resistance and leaving the average ETF investor underwater again. Spot market selling pressure intensified, with the 7-day volume delta turning significantly negative to its weakest level since February. While a major long liquidation event cleared over $400M in leverage, spot demand has not yet stepped in to absorb the resulting supply. Options markets continue pricing in higher future volatility (elevated volatility risk premium) and maintain a skew toward put options, reflecting persistent demand for downside protection, though not yet panic. Overall, market structure remains fragile. Sustained recovery likely requires a reclaim of the ETF cost basis, a shift back to positive spot demand, and a slowdown in realized loss-taking. Until then, the market risks further downside or extended consolidation within the broader bear trend.

Foresight News1 saat önce

Bitcoin's 'Rally Ends,' Officially Entering the Later Stage of a Bear Market?

Foresight News1 saat önce

How Risky is the "Death Spiral" of MSTR and STRC?

Summary: This article explores the perceived "death spiral" risk between MicroStrategy (MSTR), its Bitcoin holdings, and its perpetual preferred stock (STRC), drawing comparisons to the LUNA-UST collapse. While both systems feature price anchors, high yields for holders, and potential feedback loops, their core mechanisms differ fundamentally. The MSTR-STRC structure relies on continuous financing to sustain its high dividend payouts, primarily through stock ATM offerings. A negative feedback cycle could occur: falling MSTR stock price makes raising equity capital harder, increasing pressure to sell Bitcoin, which undermines STRC confidence and further depresses MSTR. However, unlike LUNA-UST's automated, direct linkage, the MSTR-STRC loop is weaker and has brakes: STRC dividends can be deferred or rates lowered, and STRC holders have a $100/share liquidation preference in bankruptcy, providing a price floor. The company's sustainability hinges on its ability to continue financing. Its current ~$900 million USD reserves cover only about 6.3 months of its ~$1.71 billion annual interest/dividend burden. The next six months are critical, aligning with both the potential bottom in Bitcoin's four-year cycle and the depletion timeline of its reserves. While a LUNA-style catastrophic collapse is deemed highly unlikely due to structural differences, the key question is whether MicroStrategy can navigate this period through healthy deleveraging to restart its capital engine.

Foresight News1 saat önce

How Risky is the "Death Spiral" of MSTR and STRC?

Foresight News1 saat önce

İşlemler

Spot
Futures

Popüler Makaleler

DYDX Nasıl Satın Alınır

HTX.com’a hoş geldiniz! dYdX (DYDX) satın alma işlemlerini basit ve kullanışlı bir hâle getirdik. Adım adım açıkladığımız rehberimizi takip ederek kripto yolculuğunuza başlayın. 1. Adım: HTX Hesabınızı OluşturunHTX'te ücretsiz bir hesap açmak için e-posta adresinizi veya telefon numaranızı kullanın. Sorunsuzca kaydolun ve tüm özelliklerin kilidini açın. Hesabımı Aç2. Adım: Kripto Satın Al Bölümüne Gidin ve Ödeme Yönteminizi SeçinKredi/Banka Kartı: Visa veya Mastercard'ınızı kullanarak anında dYdX (DYDX) satın alın.Bakiye: Sorunsuz bir şekilde işlem yapmak için HTX hesap bakiyenizdeki fonları kullanın.Üçüncü Taraflar: Kullanımı kolaylaştırmak için Google Pay ve Apple Pay gibi popüler ödeme yöntemlerini ekledik.P2P: HTX'teki diğer kullanıcılarla doğrudan işlem yapın.Borsa Dışı (OTC): Yatırımcılar için kişiye özel hizmetler ve rekabetçi döviz kurları sunuyoruz.3. Adım: dYdX (DYDX) Varlıklarınızı SaklayındYdX (DYDX) satın aldıktan sonra HTX hesabınızda saklayın. Alternatif olarak, blok zinciri transferi yoluyla başka bir yere gönderebilir veya diğer kripto para birimlerini takas etmek için kullanabilirsiniz.4. Adım: dYdX (DYDX) Varlıklarınızla İşlem YapınHTX'in spot piyasasında dYdX (DYDX) ile kolayca işlemler yapın.Hesabınıza erişin, işlem çiftinizi seçin, işlemlerinizi gerçekleştirin ve gerçek zamanlı olarak izleyin. Hem yeni başlayanlar hem de deneyimli yatırımcılar için kullanıcı dostu bir deneyim sunuyoruz.

138 Toplam GörüntülenmeYayınlanma 2024.12.13Güncellenme 2026.06.02

DYDX Nasıl Satın Alınır

Tartışmalar

HTX Topluluğuna hoş geldiniz. Burada, en son platform gelişmeleri hakkında bilgi sahibi olabilir ve profesyonel piyasa görüşlerine erişebilirsiniz. Kullanıcıların DYDX (DYDX) fiyatı hakkındaki görüşleri aşağıda sunulmaktadır.

活动图片