dYdX, a decentralized exchange (DEX), has announced its move from Ethereum to Cosmos due to Ethereum's scalability issues. The platform will be fully operational on Cosmos by the end of September. dYdX's switch to Cosmos The network allows developers to create their own native blockchains and enables each independent Cosmos-based blockchain to communicate with one another. dYdX cited scalability issues as the primary reason for the move. Private and public testnets dYdX has announced the launch of its V4 private testnet, which will last for two to three weeks, and a public testnet that will be launched by the end of July. dYdX's value and DeFi's growth According to DeFi Llama, dYdX has approximately $341.5 million in total value locked (TVL), with Lido Finance having the highest TVL at $10.4 billion. Decentralized exchanges still account for a small proportion of transactions compared to centralized exchanges, with Uniswap processing over $642 million in orders over the last day and Binance processing over $4.28 billion in trades. FTX's impact on DeFi The collapse of FTX last November did not significantly alter the proportion of transactions on decentralized exchanges. According to dYdX Foundation Vice President David Gogel, "People are unaware of self-custody, and there is still much work to be done to educate them. It’s a difficult journey."
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