Ethereum Decentralized Exchange Launches Starkware Second Layer

Friday 09 April 2021, 3:05 AM AEST - 2 weeks ago

dYdX second layer trading interface, April 2021

One of ethereums biggest decentralized exchange, dYdX, with $270 million in crypto assets under management, has announced the launch of perpetual futures on second layer technology.

We had 110,000 users sign up for the waitlist, and users traded $90,000,000 in volume across over 25,000 trades. Today, we are excited to announce the public launch of our new protocol, they say.

The current base layer perpetual futures will be deprecated on April 20th, dYdX said, with all thus needing to move to the second layer.

This is the first project of note to go live with this new scaling technology after launching a testnet as far back as summer 2019, with it now coming out of a private beta so we gave it a testrun.

Generating stark key for dYdXs second layer, April 2021Generating stark key for dYdXs second layer, April 2021

We have previously used dYdX to deposit a small amount just in case they airdrop a token, so its not clear whether with a plain address we need to connect first, but to enter the second layer we need to generate a stark key.

Unlike an actual private key, this looks more like a signature that proves to the second layer you own the private key. Thus they say it can be recovered anytime, so no need for foo bar seed here.

Nick-ing up on dYdX for Starkware second layer, April 2021Nick-ing up on dYdX for Starkware second layer, April 2021

For some reason they want our email. You can then optionally give them your email and choose a nick with this bit seemingly more to do with whatever their VCs and business department told them, rather than being a requirement tech wise.

We thus move to the key part of the grand entrance, and here we finally get to talk to the blockchain.

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