dYdX V4

dYdX took a path almost nobody repeated: the fourth version runs not as an application inside someone else's network but as its own blockchain built on the Cosmos SDK. The order book and the matching engine live in that network rather than on a company server.

For a trader this feels like an ordinary order book, as on a centralized exchange, but without handing funds to an intermediary. The price of that architecture is a harder start: you need a Cosmos wallet rather than the usual MetaMask, and assets must first be bridged into the dYdX network.