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dYdX Prepones Launch of Cosmos-based Public Testnet

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dYdX Prepones Launch of Cosmos-based Public Testnet

dYdX Prepones Launch of Cosmos-based Public Testnet

  • The Foundation has announced that the testnet will launch on July 5.
  • In March, the team predicted that the public testnet will be live by the end of July.

As part of its plan to leave the Ethereum ecosystem by the end of 2023, the DYDX Foundation, the non-profit behind the famous DEX, dYdX, has preponed the launch of the public testnet of its Cosmos-based blockchain.

The Foundation has announced that the testnet will launch on July 5, sooner than previous date. In March, the team predicted that following the third milestone (private testnet), the public testnet will be live by the end of July.

The impending launch is the fourth of five planned developments for dYdX to test its Cosmos-based blockchain before the mainnet goes live. Several enhancements to the network were implemented during the private testnet, including support for limit orders, dynamic funding rates, ABCI 2.0, and other features of the Cosmos-SDK.

Migration from Ethereum Network

More functionality, including order books, account balances, order histories, and market data, will be available for testing and exploration on the public testnet. There will be numerous validators all over the place, all running the network software.

Even though Bitcoin and Ethereum markets will be the only ones supported by the next testnet at launch, the group hopes to eventually grow the network to cover at least 30 other markets. In September, assuming the DEX has finished its testnet migration from Ethereum to Cosmos, it will go on to the last milestone (v5) before the ultimate launch of the mainnet.

dYdX has said that the lack of scalability in Ethereum is the main motivation for its departure from the platform. After looking into numerous layer2 alternatives, the group found that Ethereum’s transaction processing speed was inadequate.

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