dYdX open-sourced the protocol code

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GM 👋

Arthur Hayes (CEO, BitMEX) wrote another brilliant essay.

He reasoned that BTC is rallying not because of ETF speculation, but because of concerns over US war spending as it enters the Israel-Hamas war.

If US expenditure rises due to the war, their long-term U.S. Treasury bonds offer no safety for investors who are looking for alternative investments.

Gold & BTC have risen sharply since the war in the Middle East.

Read the whole article here.

Matt & Vineet

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dYdX, a decentralized exchange, has made its code open-source to prepare for a significant transition.

• The platform is moving from StarkEx, an Ethereum Layer 2 solution, to its own blockchain within the Cosmos ecosystem.
• By open-sourcing the code, which includes core components like the protocol and order book, dYdX aims to involve the community in developmental feedback.
• This shift to Cosmos will allow dYdX to fully decentralize its order book and give up developmental control, enhancing its commitment to decentralization.
• The team has been rigorously testing this new Cosmos-based network since July 5 to ensure stability and reliability.
• Once the mainnet is live, the dYdX development team will step back and won't run any part of the new infrastructure, in line with the ethos of decentralization.
• According to a post from the dYdX Operations subDAO, the mainnet launch will be phased.
• In the initial "alpha" phase, users can stake their tokens to earn rewards, but trading will be disabled.
• The subsequent "beta" phase will enable trading and additional tests to refine the system.

The transition marks a major pivot for dYdX, aiming to further decentralize its operations and encourage community involvement.

By shifting to its own blockchain on Cosmos, dYdX could potentially offer more efficiency, scalability, and control to its users.

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• Why bitcoin is surging again
  
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Cube Exchange: $9.0M

Hybrid crypto trading platform Cube Exchange raised $9M in a Seed funding round from Asymmetric fund, SIG DTI (a Susquehanna International Group Company), Everstake, Foundation Capital, Big Brain Holdings, Third Kind Venture Capital (3kvc), Arche Fund (Coin98 Ventures), WWVentures.

https://www.cube.exchange/

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smlXL: $13.4M

Blockchain infrastructure service platform smlXL raised $13.40M funding round led by Andreessen Horowitz (a16z crypto), with participation from Greylock.

https://smlxl.io/

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