Wu said he learned that Cosmos Labs’ co-CEO Barry posted on X, stating that dYdX has proven that a large-scale exchange can operate entirely on-chain. However, it is currently facing competition from newer perpetual contract platforms such as Hyperliquid and Lighter, as well as a broader downturn in DeFi and threats from Web 2.5 players like Kalshi. Therefore, partnering with Robinhood, which has distribution capabilities, to shift toward RWA is a reasonable choice. He said that dYdX Chain has always been a sovereign chain. Although it uses the Cosmos tech stack, its fees, security, and value capture will not have a material impact on ATOM. This change will not harm ATOM. Cosmos Labs will continue to invest heavily in ATOM and the Hub ecosystem, and will build new solutions for banks to issue and use tokenized deposits; dYdX’s announcement will not change its related direction.