Layer 2 derivative protocol dYdX has published version 4 of the roadmap describing the intentions to become a fully decentralized, open source, community-driven exchange by the end of this calendar year.

The platform currently runs on a hybrid model where some operations are decentralized, primarily staking and management, while other components such as order book outside the chain and matching engine are managed by dYdX Trading Inc together with external support from a number of partners central servers. Like Amazon Web Services.

They stated: “There will be no key breaches or protocol errors,” before saying that “all aspects of the protocol that can be controlled will be fully controlled by the community.”

Related: AWS interruptions hit dYdX, increase decentralization concerns

In addition to its decentralized efforts, the platform also seeks to understand the possibilities of realizing spot, margin and conditional trading opportunities, improve the trading experience and the interface, and appoint an external auditor to continuously evaluate the platform.

In 2021, dYdX had a record year and became one of the most well-known companies built on Ethereum using smart contracts and Starkware zero knowledge blockchains.

In September last year, the derivatives exchange issued the dYdX governance token to a large fan of its 64,306 users as well as the wider crypto community. The average client who traded between $ 1,000 and $ 10,000 before the retroactive closure could claim 1163 DYDX, which was $ 16,561 at the time.

After the airdrop, the project gained momentum and was quantified when the stock exchange exceeded the daily trading volume of the global stock exchange Coinbase ($ 4.3 billion to $ 3.7 billion) for the first time in its history. As a result, assets on September 30 rose to a record high of $ 27.78; However, it is now down almost 75% to $ 7.20 amid a broader market correction.

Source: CoinTelegraph