The dYdX Foundation is pleased to announce the open-sourcing of software for a Bridge User Interface that, if deployed, could “facilitate the conversion by users of ethDYDX to DYDX, the layer 1 (L1) token of the dYdX Chain.”
Three significant developments have happened in the dYdX Ecosystem recently:
On October 24, 2023, dYdX Trading Inc. “announced the release of the dYdX Chain open-source software.”
The dYdX Operations subDAO announced “that the mainnet genesis of the dYdX Chain occurred with Genesis Validators participating in the creation of the first block of the dYdX Chain.”
On October 30, 2023, the dYdX Operations subDAO “announced that a Bridge User Interface has been deployed and made publicly available.”
Following the mainnet genesis of the dYdX Chain and the open sourcing of the Bridge User Interface software, the dYdX Operations subDAO has “announced that a Bridge User Interface has been deployed and made publicly available.”
This development allows users to “bridge their DYDX tokens from Ethereum to the dYdX Chain, thus enabling expanded utility for the DYDX token.”
To convert ethDYDX into dYdX Chain DYDX you can visit bridge.dydx.trade and/or use the bridging guide available here.”
A staking guide should be published in the coming days.
In a recent blog published by the dYdX Operations subDAO, three phases of dYdX Chain Genesis “were highlighted: Pre Genesis, Genesis, and Post-Genesis. Currently, the dYdX Chain is in the Post-Genesis phase, which consists of two stages: Alpha and Beta.”
It was referenced that the Alpha stage prioritizes “bolstering the network’s stability and security.”
A significant facet of achieving this stability lies “in the number of DYDX tokens staked to dYdX Chain Validators. Staking DYDX contributes to dYdX Chain security. As more DYDX holders choose to stake their tokens across a diverse range of Validators in the network, and the total amount of stake on the network increases, it becomes increasingly difficult for coordinated attacks to influence a consensus decision.”
Transitioning from the Alpha to Beta stage “depends on performance metrics and a successful dYdX Chain governance vote, among other key factors.”
The Beta stage is expected to “enable limited trading functionality, paving the way for a full production version of the dYdX Chain.”
In the Beta stage, the dYdX Operations subDAO, which will operate “a protocol front-end and contract the operation of an indexer, will opt for public accessibility.”