dYdX Launches Public Testnet On Cosmos In Major Shift From Ethereum
Portfolio Pulse from Murtuza Merchant
Decentralized exchange dYdX is migrating from its Ethereum-based platform to Cosmos, with a public testnet now launched. The testnet will initially feature Bitcoin and Ethereum markets, with plans to expand to over 30 markets. The existing Ethereum-based platform has recorded over $728 million in trading volume in the last 24 hours. The platform's governance token, DYDX, has risen by 23% over the past two weeks. The main network on Cosmos is expected to launch later this year.
July 05, 2023 | 9:21 pm
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POSITIVE IMPACT
dYdX's migration to Cosmos could potentially increase the demand for Cosmos in the short term.
As dYdX is a significant player in the decentralized exchange market, its migration to Cosmos could potentially increase the demand for Cosmos, which could positively impact its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
dYdX's migration from Ethereum could potentially reduce the demand for Ethereum in the short term.
As dYdX is a significant player in the decentralized exchange market, its migration from Ethereum to Cosmos could potentially reduce the demand for Ethereum, which could negatively impact its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80