Am I keeping pace with @charlesdhaussy? Haha! The boss is taking me to new heights!! I’m working harder on building @dYdX than you!! Old Cha reviews the dYdX v4.0 update: DeFi is entering a mature phase. On July 3, 2025, dYdX released the v4.0 version update. As a leading player in on-chain derivatives trading, this update is not just a technical iteration but a comprehensive evolution in risk control, governance, and performance. After reading it, all I can say is: this is not just an upgrade; this is DeFi becoming "decent." First, I must praise the introduction of the Reduce-only limit order, which any seasoned trader knows is incredibly valuable. This means more detailed risk control, especially suitable for high-frequency trading and take-profit/take-loss scenarios. Next are the IBC withdrawal rate limits and the sub-account withdrawal anti-explosion mechanism. In simple terms, these two features are designed to prevent "bank runs" and enhance the system's security in extreme situations. Being able to prepare for these before the bull market expectations heat up shows that dYdX has a big vision. What caught my eye was the governance part, with the new x/govplus module allowing for slashing (penalties) of violating validators. Isn’t this an enhanced version of on-chain democracy? Coupled with the account authorization mechanism brought by x/authz, the DeFi user experience is getting closer to the "compliance automation" of traditional financial systems. On the technical side, they didn’t fall behind either—Cosmos SDK has been upgraded to 0.50.3, which will support optimistic execution and rapid governance (like a 1-day voting period), significantly improving efficiency compared to before. I’ve always said that dYdX is one of the few teams willing to go full-stack, self-developed, and high-performance on-chain. This v4 update once again proves that they are not just about having a "good product" but are idealistic and responsible DeFi builders. DeFi is not a game of UI competition or incentive competition; dYdX shows us through action that what should be competitive are governance design, security mechanisms, and the stability of the protocol's underlying structure. This is what truly makes trading feel secure. Pick projects to play with, at least they are all projects worth paying attention to! @0xPolygon @arbitrum @Aptos @dydx @Hyperpiexyz_io @defidotapp @union_build @wardenprotocol @Mira_Network @NetworkNoya @campnetworkxyz @OpenledgerHQ @Lombard_Finance @0xSoulProtocol @overtake_world @NEARProtocol @theblessnetwork @MemeX_MRC20 @Surf_Copilot @multibank_io Damn, that’s it!