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Decentralized exchange dYdX is about to move from the Ethereum blockchain to Cosmos, and the transition is one-way.

Just a few years after leaving Coinbase, software developer Antonio Juliano had built a competitor doing more daily volume. The exchange, called dYdX DYDX has lost market share since then, but is still doing about $1 billion in volume a day.

Juliano says the platform has outgrown the Ethereum ETH blockchain, and tells Forbes that in six months theyll be ready to launch their own blockchain built with Cosmos, a framework that lets anyone build their own blockchain that interoperates with other blockchains.

Investors should take note: Taking a page from shuttered centralized exchange FTX, and Binance, which have tokens used to reward users, dYdx uses a similar cryptocurrency to reward investors with the hope of keeping them from going to competitors.

Below, watch a lengthy interview with Juliano where he explains that the bridge used to move the assets to the new blockchain is one-way.

Read more from the original source:

What Happens To DYDX's $335 Million Cryptocurrency When It ... - Forbes