dYdX to Unveil Public Testnet Of Its Cosmos-Powered Blockchain Next Week
dYdX, the decentralized exchange, has announced its plans to launch the public testnet of its Cosmos-based blockchain on July 5, 2023. The initial public testnet will provide support exclusively for Bitcoin and Ethereum markets, with future updates expected to introduce enhancements for over 30 markets.
The integration of dYdX’s blockchain, built on Cosmos, aligns with the exchange’s mission to promote the democratization of financial opportunities. Achieving Milestone 4, the dYdX chain, an innovation within the Cosmos ecosystem, currently boasts over 40 active validators utilizing its software. The official announcement regarding the public testnet launch was made via the exchange’s verified Twitter account.
The public testnet launch, scheduled ahead of the planned timeline, will involve comprehensive testing of various functions. This includes analyzing the order book, establishing wallet connections, and accessing account details. In a recent blog post, dYdX expressed anticipation for the upcoming mainnet launch in September following the successful completion of Milestone 5.
Transitioning from StarkEx, a layer-2 network created by StarkWare, the dYdX platform has developed its own dedicated blockchain within the Cosmos ecosystem. In response to global financial and crypto ecosystem events, dYdX aims to address the need for more open, permissionless, and transparent financial systems and products. To ensure a smooth launch, dYdX has implemented a five-step strategy focused on incremental testing of its blockchain.
Milestone 4 represents a significant achievement as it marks the successful implementation of all essential features for the launch of the public testnet. This testnet will initially support Bitcoin and Ethereum markets, with plans for systematic integration of other cryptocurrencies through various enhancements. Over 40 validators are actively running the software, surpassing expectations.
The launch of the public testnet will also facilitate the examination of core functionalities through integrations such as web sockets, APIs, and the web frontend. dYdX has actively sought feedback and suggestions from its community members during the testnet phase. While the announcement has led to a marginal increase in the value of DYDX tokens, the overall sentiment remains cautious. In the Cosmos ecosystem, trading volume for the ATOM token has experienced a significant 15% increase, indicating notable shifts in dynamics.