dYdX Announces Public Testnet Launch for dYdX Chain

Decentralized exchange (DEX) dYdX has set the date for launching the public testnet for its Cosmos-based blockchain, the dYdX Chain, on July 6, 2023.

According to the announcement, the decentralized exchange dYdX will launch its public testnet before midnight (00:00 AM) on July 6, 2023 (Vietnam time).

The dYdX Chain, built within the Cosmos ecosystem, has successfully completed Milestone 4, with 40 validators running the platform's software.

Features to Be Tested

Upon launch, several features will be tested, including wallet connectivity, order book viewing, market order placement, and account information viewing. Initially, the public testnet will only support Bitcoin and Ethereum markets, with plans to expand to 30 additional markets in the future.

Development Timeline

dYdX announced its plan to build its own chain on Cosmos in June 2022. By March this year, the project had entered the private testnet phase with a small number of external validators. The platform aims to complete Milestone 5, which involves launching the mainnet, by September this year.

Background

Launched in 2018, dYdX is one of the largest derivative exchanges in the cryptocurrency market. The exchange currently operates on StarkEx, a layer-2 scaling solution for Ethereum developed by StarkWare. Overall, dYdX had a successful 2022, accumulating a trading volume of $466.3 billion, an increase of 140% compared to the previous year.

Stay tuned for more updates on the development and launch of the dYdX Chain.