Značka: DYDX

dYdX outline plans for full decentralization in late 2022

dYdX, the layer-two derivates protocol, has published the fourth iteration of its roadmap detailing its intentions to evolve into an open-source, community-governed and fully decentralized exchange by the end of this calendar year.The platform currently runs on a hybrid model whereby a portion of operations are decentralized, most notably staking and governance, while other components, such as the off-chain order book and matching engine, are managed by dYdX Trading Inc, alongside external support from a number of partnered centralized servers such as Amazon Web Services.”There will no longer be central points of control or failure of the protocol,” they stated, before continuing on to say that “all aspects of the protocol that can be controlled will be fully controlled by the community.”dYdX’s mission is to build the world’s leading crypto trading platform Decentralization is core to dYdX’s mission. We believe decentralization will drive radical improvements in transparency, safety, fairness, and equality of opportunity — dYdX (@dydxprotocol) January 11, 2022Related: AWS outage hits dYdX, raising concerns over its decentralizationIn addition to decentralized endeavours, the platform also seeks to understand capabilities of implementing spot, margin and sythentic trading capabilities, enhance the trading experience and interface, as well as appointing an external auditor to assess the platform on an consistent basis. dYdX experienced a record-breaking year in 2021, emerging as one of the most prominent outfits built upon Ethereum, for which it utilizes its smart contract and Starkware zero-knowledge rollups.In September last year, the derivative exchange distributed the dYdX governance token to an overwhelming fanfare from its 64,306 eligible users, as well as the wider crypto community. Average customers who had traded between the values of $1,000 and $10,000 prior to the retroactive close-off date could claim 1,163 DYDX, equivalent to $16,561 at the time.Following the airdrop, momentum surged for the project and was quantitatively epitomized when the exchange surpassed the daily trading volume of global exchange Coinbase ($4.3 billion to $3.7 billion) for the first time in its history. As a consequence, the asset rose to an all-time high of $27.78 on Sept 30; however, it has now fallen almost 75% to a price of $7.20 amid a wider market correction.

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Finance Redefined: AWS turns crypto exchanges offline, and Sushi CTO resigns, Dec. 3–10

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.Although the markets may be down and technical indicators built upon AWS malfunctioning, fear not young degens, fundamental news and the spirit of Wagmi is abundant as ever. So, read on and discover all you need to know about the most important events of this week.What you’re about to read is a shorter, more succinct version of the newsletter. For a comprehensive summary of DeFi’s developments over the last week, subscribe below.AWS outage highlights the need for truly decentralized exchanges.An Amazon Web Service outage this week produced significant cascading effects on the global supply chain and delivery industry, as well as hours-long operational disruptions to decentralized exchange dYdX and leading centralized exchanges Binance.US and Coinbase.AWS is the world’s largest cloud service infrastructure, which provides an array of services, including network servers, storage capacities, remote computing and mobile development, to name a few.According to data published this year by Synergy Research Group, the tech titan holds a 33% share of the cloud infrastructure market, followed by Microsoft and Google with 20% and 10%, respectively.Details on the incident were largely undisclosed; however, it was stated on the company’s service health page that “multiple AWS APIs in the US-EAST-1 Region,” located in Northern Virginia, were experiencing connectivity issues.In a Twitter statement shared on Tuesday, and into the early hours of Wednesday, dYdX spoke about enhanced latency across the network, as well as website loading failures, before disclosing its overreliance on the centralized servers, one of which is AWS.Unfortunately, there are still some parts of the exchange that rely on centralized services (AWS in this case). We are deeply committed to fully decentralizing and this remains one of our top priorities as we continue to iterate on the protocol. We apologize for this outage.— dYdX (@dydxprotocol) December 8, 2021Analytical data from DappRadar reveals that dYdX is the 13th largest decentralized finance application built on the Ethereum Network, registering approximately $1.5 billion in daily trading volume. In September this year, dYdX achieved a historic transactional milestone in surpassing the volume of Coinbase over the course of a single day, with $4.3 billion in comparison to $3.7 billion.Decentralization is understood by many early crypto adopters to be a core component of the industry’s architecture. Alongside security and scalability, the former makes up the so-called blockchain trilemma, a concept coined by Ethereum co-founder Vitalik Buterin, to denote the necessity to sacrifice one side of the triad to experience the benefits of the other two.In the world of crypto exchanges, many opt to prioritize security and scalability in pursuit of mass adoption but, therefore, operate with largely centralized, Web 2.0-like structures.Related: Decentralization vs. centralization: Where does the future lie? Experts answerJoseph Delong wraps up time as SushiSwap CTOSushiSwap chief technology officer Joseph Delong, announced his immediate departure from the decentralized exchange this week, pledging to honorably pass the proverbial baton onto the next leader, alongside necessary accounting and information data.Delong explained the reasoning behind his decision in a candid Twitter thread, citing internal conflicts and a lack of unified vision for the project, stating:​​“I wish Sushi the best and am saddened that Sushi is so imperiled within and without. The chaos that is occurring now is unlikely to result in a resolution that will leave the DAO as much more of a shadow than it once was without a radical structural transformation.”Delong has experience working in the Web 3.0 space as a blockchain engineer and developer. Formerly employed as a senior software engineer at ConsenSys, Delong took up the position of chief technology officer at SushiSwap at the beginning of 2021 following Chef Nomi’s infamous exodus in the months prior.Over the past year, Delong has guided SushiSwap to the 12th ranked position in nominal total value locked value (TVL) with $2.85 billion but also suffered obstacles with stringent whitelisting acceptance on layer-two protocol Optimism, as well as a $3-million supply chain exploit on launchpad MISO and, more recently, a rumored vulnerability in its smart contracts to the value of $1 billion.Related: SushiSwap denies reports of billion-dollar bugCoinbase opens cryptography library to promote innovationOne of the leading cryptocurrency exchanges, Coinbase, this week announced the launch of an open-source library-themed platform, titled Kryptology, designed to provide developers with a suite of “secure, audited, and easy-to-use application programme interfaces (APIs).”In an official blog post, Coinbase outlined its intentions for the library in fostering the continued development of this long-standing technology:“While enabling further innovation is our primary goal, we also aim for Kryptology to elevate the standard for what is considered to be a robust, usable cryptographic library.”Related: Coinbase announces support for hardware wallets, starting with LedgerToken performances Analytical data reveals that DeFi’s total value locked has decreased 11.3% across the week to a figure of $143.95 billion.Data from Cointelegraph Markets Pro and TradingView reveals DeFi’s top 100 tokens by market capitalization exceeding bearish across the last seven days.Terra (LUNA) was the sole gainer of the top 100 this week with a mere 1.81%. Not the most memorable technical week for DeFi, let’s put it that way, but unsurprising considering the wider context of the crypto-wide market pullback.Interviews, features and other cool stuffThanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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AWS outage hits dYdX raising concerns over decentralization

An Amazon Web Service (AWS) outage on Dec. 7 forced the decentralized exchange dYdX to halt operations, raising questions over the reliance on centralized services by DeFi protocols. AWS is one of the most widely used cloud services in the world and a considerable amount of decentralized infrastructure uses it. AWS offers servers, storage, networking, remote computing, email, mobile development, and security for websites. dYdX issued an update via Twitter on Dec. 8 acknowledging that its reliance on a centralized web service like AWS is problematic. It pledged to improve the true decentralization of its operations, but did not state how.“Unfortunately, there are still some parts of the exchange that rely on centralized services (AWS in this case). We are deeply committed to fully decentralizing and this remains one of our top priorities as we continue to iterate on the protocol.”Centralized exchanges (CEX) Binance.US and Coinbase also saw service outages due to the AWS issue.dYdX is the 11th biggest DeFi app on the Ethereum Network according to Dappradar. It does about $1.5 billion in daily trading volume. As a decentralized exchange (DEX) it requires no know-your-customer (KYC) protocol and settles all transactions via smart contracts. Updates on the dydx status portal showed that while trying to remedy the problem, the team was unable to access key elements of its back end due to the outage. The status from 9:20pm UTC read:“We are looking into whether we can just have all of those orders cancel, however the AWS outage is preventing us from currently being sure if that’s possible.”Related: DeFi TVL hits new highs while Metaverse tokens show signs of exhaustiondYdX token is down about 10% over the past 24 hours, trading at $8.63 according to Coingecko.

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