Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. The team behind the project made the announcement this morning leading to a positive reaction for its governance token, DYDX.
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At the time of writing, this token trades at $1.50 with an 8% profit in the last 24 hours for its USDT trading pair and a 10% profit on its ETH trading pair. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate around their current levels.
DYDX is in a downtrend on a 4-hour chart. Source: DYDXUSDT Tradingview
The standalone blockchain is part of this platform’s fourth iteration, dYdX