Ex-Goldman Sachs executive Raoul Pal says two crypto ecosystems are in the race to be the next big layer-ones in the current digital asset market cycle. In a new interview on Bankless, Pal says he’s been looking for what’s going to be the “Solana (SOL)” of the next bull market, or which crypto asset is […]
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Top global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform. Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified […]
The post Binance Launchpool Rolls Out Staking and Trading Support for New Layer-1 Blockchain Project appeared first on The Daily Hodl.
A new layer-1 (L1) Ethereum Virtual Machine (EVM) compatible blockchain is raising hundreds of millions of dollars in funding. According to a new announcement from Monad Labs, the Monad blockchain, a new EVM-compatible L1, aims to increase EVM-based transactions per second (TPS). “The EVM is the ubiquitous standard of web3; over 96% of all capital in […]
The post Investment Firm Paradigm Leads $225,000,000 Raise for New Layer-1 Blockchain Monad appeared first on The Daily Hodl.
Particle Network has introduced its modular Layer 1 solution for chain abstraction and universal accounts, aimed at simplifying user interactions across multiple blockchains. The design of this modular Layer 1 makes it an ideal tool for both new and existing ecosystems to leverage. Particle Network plans to launch its Testnet and V1 Mainnet in the […]
The smart contract platform, Monad Labs is in talks to raise over $200 million via a funding round that is likely to be led by venture capital firm Paradigm. A successful funding round will see Monad Labs’ valuation rocket to $3 billion. Monad Labs Building Platform to Challenge Ethereum Monad Labs, a smart contract platform, […]
The native utility token of a South Korean Ethereum (ETH) rival is rallying after news of a new blockchain merger proposal. Layer-2 smart contract platform Klaytn (KLAY) leaped from a 24-hour-low of $0.189 to a high of $0.262, a 39% gain, following the announced proposal of a merger to create “Asia’s leading blockchain system.” KLAY […]
The post Under-the-Radar Ethereum Rival Jumps Nearly 40% in Hours Amid a Proposed Blockchain Merger appeared first on The Daily Hodl.
One Ethereum (ETH) layer-2 scaling solution has witnessed staggering address growth since January, according to the crypto analytics firm IntoTheBlock. The firm notes that Optimism’s (OP) network currently clocks more than 5.9 million addresses with a balance, a massive 391% increase from the 1.2 million addresses the project had in January. Optimism’s native token, OP, […]
The post Ethereum (ETH) Layer-2 Scaling Solution Witnesses 391% Growth in Addresses This Year: IntoTheBlock appeared first on The Daily Hodl.
Bloomberg Intelligence analyst Jamie Coutts says that one crypto sector could experience explosive growth over the next half a decade. Coutts says that smart contract blockchains such as Ethereum (ETH) and Solana (SOL) could reach 100 million daily users by 2028 by growing at 20% quarter-on-quarter. According to Coutts, the number of daily users of […]
The post Bloomberg Analyst Says This Crypto Sector’s Market Cap Could Explode by 3,900% in Five Years appeared first on The Daily Hodl.
dYdX completes the launch of its layer 1 proof-of-stake blockchain with the creation of its genesis block by chain validators.
Decentralized cryptocurrency exchange dYdX has launched its layer 1 blockchain with the creation of its genesis block which will operate using native DYDX tokens.
The dYdX Chain is set to distribute all fees to validators and stakers in USD Coin (USDC). This includes trading fees denominated in USDC as well as gas fees for DYDX-denominated transactions or USDC-denominated transactions.
The proof-of-stake (PoS) blockchain network was built using Cosmos’ software development kit and makes use of CometBFT as its consensus protocol. Validators stake DYDX in order to secure the blockchain and carry out governance operations of the network.
The launch of the dYdX Chain network itself spanned a massive number of companies:
— Antonio | dYdX (@AntonioMJuliano) October 26, 2023
@dydx_ops_subdao coordinating genesis & launch generally + hosting indexer & frontend
@dydxfoundation coordinating community governance
@noble_xyz, @circleapp, @coinbase for launching…
Antonio Juliano, dYdX founder, highlighted that the launch of the dYdX Chain hinged on the likes of Circle and Coinbase launching on Cosmos in time for the creation of its genesis block. Juliano previously described dYdX as an "entirely new blockchain built on Cosmos SDK" and the "first-ever decentralized, offchain orderbook". The blockchain is also entirely open-source.
Before the launch of dYdX’s native layer 1 chain, the original DYDX was an ERC-20 token operating on dYdX’s original Ethereum layer 2 protocol. To facilitate the transition to its own layer 1 chain, the dYdX community voted to adopt DYDX as the L1 token of the dYdX Chain, adopt a one-way bridge from Ethereum to the dYdX Chain and to give wrapped Ethereum DYDX (wethDYDX) the same governance utility as ethDYDX in dYdX v3.
As a result of community votes and governance outcomes, the utility of the DYDX token has expanded to be used for staking, securing the network and assisting with governance on the dYdX Chain.
Similar to Ethereum’s transition to PoS, stakers and validators secure and protect the network and receive dYdX protocol feels in proportion to their staked assets. Fees collected by the dYdX Chain protocol are distributed to validators and stakers through the Cosmos distribution module.
An announcement from dYdX highlighted its expectation that the governance on the dYdX chain will be more accessible than its previous, Ethereum-based layer 2 protocol:
“The dYdX Chain does not have the dYdX v3 concept of ‘Proposing Power’; instead, the governance module effectively enables any holder to create a governance proposal with a deposit.”
Provisions to combat spam proposals include minimum deposit thresholds and voting mechanisms with veto powers. Users can only used staked DYDX tokens to participate in chain governance.
Chain validators will also inherit the voting weight of stakers, unless specific stakers opt to vote on proposals individually.
Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?
