Decentralized exchange dYdX has announced plans to launch the public testnet of its Cosmos-based blockchain on the 5th of July, 2023.
The initial public testnet will initially only work with Bitcoin and Ethereum markets, but future upgrades plan to introduce over 30+ markets.
The launch of dYdX’s Cosmos-based blockchain is part of the decentralized exchange’s mission to democratize access to financial opportunities further. The dYdX chain, which has been created in the Cosmos ecosystem, recently completed its Milestone 4 and has over 40 validators who are running the platform’s software. The news was announced by the decentralized exchange on its official Twitter handle.
“We are thrilled to announce that the dYdX Chain public testnet is set to launch on 7/05/2023 at 17:00 UTC!”
The launch would also see testing commence for several functions. These would include viewing the order book, connecting wallets, and viewing account information. The decentralized exchange had stated in a blog post that it expected to launch its mainnet after completing Milestone 5 in September.
dYdX had transitioned from StarkEx, a layer-2 network built by StarkWare, to its own application-based blockchain created in the Cosmos ecosystem. dYdX’s five-step plan focuses on gradual testing of the blockchain before its eventual mainnet launch. dYdX’s endeavor to create its own application-based blockchain comes against the backdrop of several events in the global financial and crypto ecosystem that highlighted the urgent need for a more open, permissionless, and transparent financial systems and products.
According to the dYdX announcement, the testnet launch is currently ahead of schedule, with the platform successfully completing its fourth milestone before the anticipated launch date. The third milestone (v3) saw the addition of several features to the stable internal testnet. These included dynamic funding rates, limit orders, and the use of ABCI 2.0, among several other features of the Cosmos SDK. V3 also saw documentation integration for validators and Market Makers, with the dYdX chain collaborating with a small group of internal validators to test out the network.
The Fourth MilestoneThe fourth milestone will see the dYdX public testnet initially feature Bitcoin and Ethereum before integrating other cryptocurrencies through various upgrades. dYdX updated users about Milestone 4 through their official Twitter handle, stating,
“Milestone 4 marks the completion of features necessary for our public testnet launch, which will include a larger number of validators running our software (40+). AND we are shipping this ahead of schedule! This public testnet will launch with Bitcoin and Ethereum markets, but we anticipate that the open-source software will include approximately 30+ markets as the network gets upgraded!”
The launch will also enable testing several core inflows through integrations, including web sockets, API, and the web frontend. The decentralized exchange has also appealed to its community members to provide feedback and suggestions after using the testnet. The news has also resulted in a minor increase in the price of the DYDX token. However, this has not been enough to break the token’s overall bearish outlook. However, things are different in the Cosmos ecosystem, with the ATOM token registering a 15% increase in trading volume.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
