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Ai Generated Summary:
[00:12] dYdX completes migration from Ethereum L2 to Cosmos
– dydx is the largest perpetuals exchange on Ethereum
– dydx started in 2017 as a margin trading protocol on Ethereum
[01:15] dYdX team migrates from Ethereum L2 to Cosmos blockchain
– June 2022: dYdX token launch on Stakar, a layer two solution
– Antonio Juliano, founder of dYdX, launches Cosmos-based layer 1 blockchain, DX V4
[02:27] dYdX has a high trading volume and generates millions in fees per month.
– dYdX has a billion dollars in daily trading volume and over $140 billion cumulative volume since June.
– 80% of the volume comes from institutions and 20% from users.
– dYdX has over 3,000 daily active users.
– The dYdX Cosmos chain has a 1.3 second block time.
– dYdX is known for its user-friendly interface, low fees, fast transactions, and offers up to 20x leverage positions.
[03:43] dYdX offers a competitive fee scheme and gasless deposits
– Traders can see their portfolio and use the trading interface with trading view integration
– Users can earn rewards proportional to their trading fees every 28 days and compete on a leaderboard
[04:45] dYdX chose to migrate from Ethereum L2 to Cosmos for decentralization, scalability, customizability, and no gas fees.
– The migration allows dYdX to become fully decentralized using Cosmos technology.
– Being on a Cosmos chain enables dYdX to execute 1,000 trades per second compared to Ethereum’s 10 trades per second.
– By leveraging Cosmos’ full customizability, dYdX can tailor the blockchain to their specific needs and have their own validator set.
– Moving to Cosmos also eliminates gas fees for dYdX users.
[05:51] dYdX team chose Cosmos to fulfill their requirements for the best product possible
– dYdX token initial launch date was August 8, 2021 with a maximum supply of 1 billion tokens over 5 years
– Early investors will have a large unlock in December and there will be no further airdrops for cosmonauts
[06:51] dYdX Cosmos Mainnet Launch is a net positive for Cosmos
– Governance allows users to earn rewards from platform fees
– dYdX charges traders based on monthly volume and distributes fees in the form of dYdX tokens
[07:54] dYdX migrating from Ethereum to Cosmos brings huge user base and integrates with Noble’s USDC
– 3,000 daily active users of dYdX are now migrating from Ethereum to Cosmos, bringing a large user base
– dYdX’s integration with Noble’s USDC will drive huge demand for Native USDC through Noble