layer 1 network Archives - Coin Engineer https://coinengineer.net/blog/tag/layer-1-network/ Btc, Coins, Pre-Sale, DeFi, NFT Fri, 27 Oct 2023 12:29:09 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png layer 1 network Archives - Coin Engineer https://coinengineer.net/blog/tag/layer-1-network/ 32 32 dYdX Announced: Layer 1 Network Active! https://coinengineer.net/blog/dydx-announced-layer-1-network-active/ https://coinengineer.net/blog/dydx-announced-layer-1-network-active/#respond Fri, 27 Oct 2023 12:29:09 +0000 https://coinengineer.io/blog/?p=6042 Popular DeFi platform dYdX had announced that it would establish a new Layer 1 network on the Cosmos infrastructure in the last period. Today, an exciting development took place; their new network have moved to the “alpha mainnet” phase. This also means that dYdX has started the dYdX version 4 phase. You might like: FTX

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]]> Popular DeFi platform dYdX had announced that it would establish a new Layer 1 network on the Cosmos infrastructure in the last period. Today, an exciting development took place; their new network have moved to the “alpha mainnet” phase. This also means that dYdX has started the dYdX version 4 phase.

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dYdX is the largest among decentralized derivative trading platforms and now it is taking place on the Cosmos ecosystem by launching its own Layer 1 network. With this transition, it emphasizes that the project will achieve a fully decentralized structure. Additionally, it will use more than 60 validators for network security, marking an important step in ensuring user security.

However, there is another notable point after this exciting development: The value of DYDX tokens has decreased after the announcement. Despite the general rise in the crypto market in the last few days, this altcoin lost its value due to the effect of the announcement. However, if the new network attracts interest among users, it is hoped that its token may gain similar momentum in value.

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