The DYDX Foundation, the nonprofit 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 expected 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 be launched by the end of July after the third stage (private testnet).
DYDX announces public testnet
The upcoming release is the fourth phase of DYDX’s five-step milestones to test its Cosmos-based blockchain before a full mainnet release.
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 from Cosmos SDK.
The public testnet will allow users to test and explore more features, including access to order books, account balances, order history and market data. It will also include many validators running the network software.
Although the upcoming testnet will initially only support Bitcoin and Ethereum marketplaces, the project plans to expand the network to include at least 30 marketplaces in the future.
“We are happy to announce that we have completed stage 4 ahead of schedule! Our public testnet is scheduled to go live on July 5 at 17:00 UTC. This public testnet will launch with Bitcoin and Ethereum markets, but we are planning that the open source software will include approximately 30+ markets as the network is upgraded,” DYDX said.
We are excited to announce that the public testnet for the dYdX channel is scheduled to launch on 2023-07-05 at 17:00 UTC! 🚀🥳
— dYdX (@dYdX) June 28, 2023
Leaving Ethereum
Once the testnet passes, the DEX will move to the final stage (v5) ahead of 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 main reason it intended to pull away from the network. The project noted that Ethereum could no longer process transactions fast enough, even after exploring several Layer 2 solutions.
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