Decentralized exchange (DEX) platform, dYdX has resolved to launch the private testnet of its Cosmos-based blockchain tomorrow. The protocol announced the development in its Monday Twitter post. As announced, the testnet will be made open to some external parties for the first time.
It is noteworthy that the exchange wants to migrate to its own application-specific blockchain on the Cosmos network. Earlier, dYdX operated on StarkEx, a Layer 2 network on Ethereum developed by StarkWare. As a step towards ensuring the smooth transition to its blockchain, the protocol recently unveiled its five-stage, which include gradual testing before the eventual migration.
Prior to this moment, dYdX carried out an internal testnet which enabled its developers to assess the basic functionalities of the blockchain. Now, with its private testnet scheduled to commence tomorrow, the decentralized exchange will allow selected third parties to act as validators on the network. As revealed, the validators will assess and test most of the trading features enveloped on the exchange.
dYdX to roll out public testnet in July
After the completion of this private testnet, the decentralized exchange will look to commence its public testnet in July. Meanwhile, the full launch of the platform will come up in September. Certainly, dYdX is planning to launch both the iOS and Android version of the blockchain. Also, it aims to ensure that the link of its blockchain is linked to other blockchains running on the Cosmos ecosystem. Recall that Cosmos play host to numerous scalable and interoperable blockchains. It provides an enablement for these blockchains to interact and communicate with ease.
When dYdX finally migrates to its blockchain on Cosmos, users won’t have to continue paying gas fees. According to findings, the fees payable will be based on executed trades and consequently given to validators and stakers. More so, the decentralized exchange intends to still continue using its native token after the full launch in September.
The DEX platform offers perpetual trading options to users. As part of its efforts towards improving its offering, it recently collaborated Banxa. The collaboration enables Banxa to provide crypto on-and off-ramp services on dYdX network. This thus eases fiat-to-crypto payment, thereby streamlining trading activities on the network. Also, the collaboration paved the way for DEX users to buy USDC directly with any payment method that is convenient for them.
Read More: