DYDX, a decentralized exchange, announced on Wednesday that it will release the public testnet of its blockchain-based on Cosmos next week.

The DYDX Chain, developed within the Cosmos ecosystem, has completed its Milestone 4 and boasts over 40 validators operating its software. According to a tweet by the platform, the testnet will be launched earlier than expected at 1:00 p.m. ET (17:00 UTC) on July 5th.

At launch, users will be able to test various functions such as connecting wallets, viewing the order book, placing market orders, and accessing account information. Initially, the public testnet will only support Bitcoin and Ethereum markets, but DYDX plans to expand this to over 30 additional markets through future network upgrades.

In March, DYDX launched a private testnet to collaborate with a small group of external validators and test the platform’s functionality, as stated in a blog post. The team is working towards completing Milestone 5 and launching the mainnet in September.

In 2022, DYDX brought in $466.3 billion in cumulative transaction volume, a 140% increase from the year prior, The Block previously reported.

More from the financial space

The European Commission recently put forward a legislative proposal for the introduction of a digital euro payments system.

It assures that this system will not be a substitute for physical cash, as it recognizes that the majority of Europeans still prefer to use tangible currency. However, there is an increasing inclination towards digital payments.

“While 60% of people surveyed would like to continue to have the option to use cash, an increasing number of people are choosing to pay digitally, using cards and applications issued by banks and other digital and financial firms. This trend was accelerated by the COVID-19 pandemic,” according to the notes revealed by the online publication the Daily Hodl.

The Commission has proposed two complementary measures to accommodate the changing payment landscape.

Leave a Comment