Friday, March 1, 2024

Decentralized exchange (DEX), dYdX, has launched its public test network on Cosmos, drawing closer to its transition away from the current version built on Ethereum, according to a press release.

Users will now be able to place market orders on the dYdX testnet, generate private keys and place limit orders with advanced options. The public testnet has launched with bitcoin and ethereum markets, but the company said it anticipates it will eventually include around more than 30 markets as the network upgrades.

The existing platform on Ethereum, which is known for its perpetual contracts, has seen over $728 million in trading volume over the past 24 hours, according to the company’s website. The governance token of the platform, DYDX, has witnessed a steady uptick over the past two weeks, gaining 23%.

DYdX announced last year that the project’s “v4” or version 4 would be developed as a standalone blockchain based on the Cosmos software development kit (SDK) and Tendermint proof-of-stake consensus protocol. The DEX was originally built on Ethereum.

The company said it is aiming for the final step in the transition, the launch of the main network on Cosmos, later this year, but hasn’t set a specific date.

Edited by Bradley Keoun.

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