DYDX Accelerates Public Testnet Launch of Cosmos-based Blockchain

DYDX Accelerates Public Testnet Launch of Cosmos-based Blockchain

Blockchain news, News

The DYDX Foundation, the non-profit organization behind the renowned decentralized exchange (DEX) dYdX, has announced an earlier launch date for the public testnet of its Cosmos-based blockchain. As part of its plan to transition away from the Ethereum ecosystem by the end of 2023, the foundation has expedited the launch of the testnet.

Initially projected to go live by the end of July, the testnet is now scheduled to be launched on July 5, according to the foundation’s recent announcement. This upcoming milestone marks the fourth of five planned developments aimed at testing the Cosmos-based blockchain before the mainnet release.

During the private testnet phase, the network underwent significant enhancements, including the addition of support for limit orders, dynamic funding rates, ABCI 2.0, and other features of the Cosmos-SDK.

The public testnet will provide a platform for testing and exploring additional functionality such as order books, account balances, order histories, and market data. Validators from various locations will participate in running the network software.

Initially, the testnet will support Bitcoin and Ethereum markets, but the foundation has ambitions to expand the network’s coverage to encompass at least 30 other markets in the future. Assuming a successful migration from Ethereum to Cosmos during September, the dYdX DEX will proceed to the final milestone (v5) before the mainnet launch.

Scalability concerns on the Ethereum platform have been a primary driving force behind dYdX’s decision to transition to Cosmos. After exploring various layer2 alternatives, the team concluded that Ethereum’s transaction processing speed fell short of their requirements.

Compiled by Coinbold

blockchain, BTC, Coinbase, Cosmos, DYDX, ETH, NEAR