What Happens To DYDX's $335 Million Cryptocurrency When It … – Forbes


Decentralized exchange dYdX is about to move from the Ethereum blockchain to Cosmos, and the transition is one-way.
Just a few years after leaving Coinbase, software developer Antonio Juliano had built a competitor doing more daily volume. The exchange, called dYdX DYDX has lost market share since then, but is still doing about $1 billion in volume a day.
Juliano says the platform has outgrown the Ethereum ETH blockchain, and tells Forbes that in six months they’ll be ready to launch their own blockchain built with Cosmos, a framework that lets anyone build their own blockchain that interoperates with other blockchains.
Investors should take note: Taking a page from shuttered centralized exchange FTX, and Binance, which have tokens used to reward users, dYdx uses a similar cryptocurrency to reward investors with the hope of keeping them from going to competitors.
Below, watch a lengthy interview with Juliano where he explains that the “bridge” used to move the assets to the new blockchain is one-way.


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