- Summary:
- dydx is on a mission to democratise access to financial opportunities and the forthcoming public testnet launch is the 4th key milestone.
DYDX, a decentralised cryptocurrency exchange, announced on Wednesday that it would release the public testnet of its Cosmos-based blockchain in the first week of July. As part of its objective to further democratise access to financial possibilities, dYdX has launched a blockchain based on the Cosmos protocol. The testnet will go live on July 5 at 1:00 p.m. ET (17:00 UTC), which is earlier than originally scheduled.
The road to testnet launch
With the release, testing of various features could also start. Some examples of this are checking one’s account balance or accessing one’s order book by linking one’s wallets. Although the public testnet will initially only support Bitcoin and Ethereum markets, DYDX has ambitious intentions to expand the network to support more than 30 more markets in the near future.
The five-stage plan that dYdX has devised is geared towards progressive testing of the blockchain before the launch of the mainnet. In the fourth phase, the dYdX public testnet will support Bitcoin and Ethereum at launch, with support for additional cryptocurrencies coming in subsequent upgrades
In March, the chain opened a private testnet where it could collaborate with a select group of external validators to ensure the proper operation of the network. It plans to fulfill Milestone 5 with the launch of its mainnet in September.
With the platform having reached its fourth milestone ahead of plan, the testnet launch is currently running ahead of schedule. In the third version (v3) milestone, several improvements were made to the stable internal testnet. Among the many capabilities of the Cosmos SDK that were utilised were limit orders, ABCI 2.0, and variable funding rates. In addition, Market Makers and Validators now have centralised documentation thanks to V3.
Meanwhile, the decentralised exchange has asked for input from testnet users in the form of recommendations and critiques.