Yellow Launches Testnet For Clearing Network Built for Tackling Counterparty Risk

Summary:
• Yellow Clearing Network is using blockchain tech to decentralise clearing and settlement processes, ultimately hoping to scale up trade.

Layer 3 Foundation, a provider of blockchain-based Fintech solutions, has begun testing its groundbreaking Yellow Clearing Network, the first decentralised clearing system, on a testnet. The closed testnet is scheduled to launch on January 22, 2024, and run until April of the same year. Its primary objective is to evaluate essential trading terminal functionality.

Unveiling the testnet

Duckies, Yellow’s Canary Network, which uses $DUCKIES as its native token, will host the program’s closed beta testnet when it launches. Participants in the testnet will be crucial in determining how well the trading terminal performs in terms of usability, web3 signature flow, and overall system robustness. Layer 3 Foundation intends to use the testnet to collect valuable metrics, find vulnerabilities, and improve the platform in readiness to serve more users.

Layer 3 Foundation is on a mission to facilitate the transition to Web3 by creating a state channel-powered ecosystem that can serve as a benchmark for Fintech scalability. It supports the Yellow Clearing Network, an innovative peer-to-peer platform for clearing, settlement, and trading. With this project, the foundation is taking a giant leap towards its goal of using blockchain technology to decentralise clearing and settlement procedures to help scale up trading.

Traders on the Yellow Clearing Network are protected from counterparty risk thanks to the ClearSync protocol. It does this by ensuring that all parties involved in a transaction have enough collateral funds. As a result, counterparties can rest assured that the parties will honour their end of the trades and traders will not go over their capital limitations.

Layer 3 Foundation is looking for people with deep knowledge of blockchain technology and a strong interest in trade, finance, and blockchain technology. To be considered, you should have some experience with financial markets, some background with testnets, and influence within small communities. Veterans of the trading industry and techies who believe in the company’s vision will be given first priority.

Central to Yellow Clearing Network, the $YELLOW token powers the ecosystem and demonstrates the foundation’s dedication to a decentralised future driven by innovative technology.