Unchained

Can dYdX Become a Decentralized BitMEX? How It Is Scaling With StarkWare - Ep.218

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Antonio Juliano, founder of the decentralized exchange dYdX, and Eli Ben-Sasson, cofounder of StarkWare, discuss the recent launch of dYdX on Ethereum layer 2 using StarkWare’s scaling technology. In this episode, they cover:

  • what cross-margin perpetual trading is and why dYdX chose StarkWare to be its scaling partner (1:13)
  • ZK rollups and how they contrast with optimistic rollups (8:49)
  • how many transactions per second StarkWare can handle through its layer 2 solution (16:57)
  • lessons learned and critical takeaways from their six months spent working together (20:15)
  • the similarities between Ethereum and StarkNet (26:07)
  • why Antonio believes that scalability is more important than composability (27:30)
  • the benefits of decentralized exchanges and how dYdX fits into the dex marketplace (31:54)
  • why dYdX chose Chainlink as its oracle provider, and how it got oracle prices onto layer 2, which previously had none (38:11)
  • why Cairo, StarkWare’s Turing-complete programming language and platform, can be the “one verifier to rule them all” (42:10)
  • what it was like for StarkWare to compete in the Great Reddit Scaling Bake-Off (45:41)
  • whether or not DeFi could handle a GameStop/Robinhood situation (48:56)
  • fair launch tokens versus VC tokens (54:12)
  • the likelihood of dYdX and StarkWare each creating a token (58:19)
  • upcoming developments and projects for both companies (1:02:14)

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    Episode Links:

    Antonio Juliano

    • Twitter: https://twitter.com/AntonioMJuliano 

    Eli Ben-Sasson

    • Twitter: https://twitter.com/EliBenSasson 

    dYdX

    • Twitter: https://twitter.com/dydxprotocol
    • Website: https://dydx.exchange/ 
    • Exchange: https://alpha.dydx.exchange/trade/BTC-USD 
    • Reading Material
    • Recent funding: https://www.coindesk.com/big-guns-back-10m-investment-in-defis-dydx 
    • 2020 in review: https://dydx.exchange/2020.pdf 
    • Decrypt profile: https://decrypt.co/resources/dydx-ethereum-margin-trading-platform-explained-learn 
    • Medium post: https://medium.com/dydxderivatives/introducing-dydx-2d0f0f326fd

      • StarkWare

      • Twitter: https://twitter.com/StarkWareLtd 
      • Website: https://starkware.co/ 
      • Reading Material:
      • ZK roll-up explainer: https://medium.com/starkware/on-the-road-to-starknet-a-permissionless-stark-powered-l2-zk-rollup-83be53640880 
      • Understanding Cairo: https://medium.com/starkware/hello-cairo-3cb43b13b209 
      • Funding: https://www.coindesk.com/paradigm-leads-30-million-funding-for-crypto-privacy-startup-starkware

        • dYdX and StarkWare Relationship

        • Original Twitter announcement (2020): 
        • https://twitter.com/dydxprotocol/status/1295791012552597507?s=20 
        • The Block’s original coverage: 
        • https://www.theblockcrypto.com/linked/75209/dex-dydx-starkware-layer-2 
        • Layer 2 is live announcement: 
        • https://twitter.com/dydxprotocol/status/1364591430447091719 
        • Blog post on why dYdX is moving to Layer 2 (2021):
        •  https://dydx.exchange/blog/alpha 
        • CoinDesk’s coverage: 
        • https://www.coindesk.com/defi-tech-cefi-speed-dydx-touts-new-starkware-integration 

           

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