THELOGICALINDIAN - Decentralized derivatives barter dYdX has launched a new adaptation of its trading platform
dYdX has launched its Layer 2 abiding bandy platform, according to an announcement from the activity today.
Layer 2 Service Is Now Live
dYdX launched its bankrupt alpha in February and appear boundless adoption: “We had 110,000 users assurance up for the waitlist, and users traded $90,000,000 in aggregate beyond over 25,000 trades,” dYdx wrote in its best contempo announcement,
Now, the Layer 2 abiding affairs bandy has exited its bankrupt alpha testing date and is alive on StarkEx. As a Layer 2 service, dYdX touts low fees and direct trades.
dYdX additionally enables users of accepted browser wallets such as MetaMask to alpha trading after depositing tokens to a arch beforehand, and after abutting to an alternating network.
Users will accept admission to fast withdrawals that go anon to their Ethereum mainnet wallets. To cut costs, the belvedere has users pay liquidity fees instead of Ethereum’s built-in gas fees.
The dYdX trading belvedere settles and margins all abiding affairs application USDC. Deposits charge additionally be USDC. However, users will anon be able to drop added assets acknowledgment to affiliation with the 0x API. Deposits and withdrawals are accountable to Ethereum gas fees.
dYdX is powered by StarkEx, a Layer 2 ascent band-aid congenital by StarkWare Industries to advice Ethereum dApps such as cryptocurrency exchanges and gaming platforms advance their user adventures (UX) with alone basal changes to their code.
StarkEx utilizes ZK-Rollups, which bundles hundreds of transfers in anniversary transaction. It additionally uses zero-knowledge proofs to abate the acceptance of cher Ethereum assets such as mining power.
The Need for Layer 2 Solutions
Ethereum’s Layer 1 decentralized exchanges attempt with acutely aerial gas fees. This has bantam the advance of decentralized exchanges and fabricated them abstract for baby trades.
Ethereum 2.0, which is gradually actuality formed out, will abate fees for Layer 1 exchanges and apps. However, Layer 2 solutions will accomplish DEXes added affordable for users in the concurrently by offloading some of the transaction amount that Ethereum currently experiences.
Disclaimer: At the time of writing, this columnist captivated Bitcoin, Ethereum, Litecoin, Tezos, ADA, and AAVE.
