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Friday, July 19, 2024

DYDX Announces New Date for Its Cosmos-Based Public Testnet

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DYDX Foundation, the non-profit organization behind the popular decentralized exchange (DEX) DYDX, has announced a new launch date for the public testnet of its Cosmos-based blockchain as it prepares to exit the Ethereum ecosystem later this year.

According to the foundation, the testnet is set to go live next week on July 5, which is earlier than the previous schedule. The team estimated in March that the public testnet would launch by the end of July after the third milestone (private testnet).

DYDX Announces Public Testnet

The upcoming release is the fourth phase of DYDX’s five-stage milestones to test its Cosmos-based blockchain before the full release of the mainnet.

During the private testnet, the team made several improvements to the network, including enabling documentation for market makers and validators, limit orders, dynamic funding rates, and ABCI 2.0 and other features of Cosmos-SDK.

The public testnet will allow users to test and explore more features, including accessing order books, account balances, order history, and market data. It will also include many validators running the network’s software.

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Although the upcoming testnet will initially support only Bitcoin and Ethereum markets, the project plans to expand the network to include at least 30 markets in the future.

“We are happy to announce that we completed Milestone 4 ahead of schedule! Our public testnet is set to go live on July 5 at 17:00 UTC. This public testnet will launch with Bitcoin and Ethereum markets but we anticipate that the open-source software will include approximately 30+ markets as the network gets upgraded,” DYDX said.

Exiting Ethereum

On successful completion of the testnet, the DEX will move on to the last milestone (v5) before the eventual launch of the mainnet, which will see it migrate from Ethereum to Cosmos around September.

DYDX said Ethereum’s scalability issue was the primary reason it intends to move away from the network. The project noted that Ethereum could no longer process transactions fast enough, even after exploring several layer2 solutions.

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