dYdX has announced its plans to deploy a public testnet for the dYdX Chain in the upcoming week. The news, shared through a project blog post, sheds light on the development of the dYdX Chain within the Cosmos ecosystem, with 40 validators operating on the underlying software platform. Following the completion of Milestone 4 in the project roadmap, the dYdX Chain’s public testnet is set to launch on 7/05/2023 at 17:00 UTC.
During the initial release, several functionalities will be tested, including wallet integration, order book viewing, market order placement, and account information retrieval. Initially, the public testnet will operate only in the Bitcoin and Ethereum markets. However, dYdX has plans to upgrade the network and expand its operations to more than 30 additional markets in the future.
A significant milestone preceding the public testnet launch was Milestone 3, which included the implementation of features such as placing limit orders, dynamic funding rates, utilizing ABCI 2.0, and other latest functionalities of the Cosmos-SDK. Moreover, the project team collaborated with a small group of external validators during a private testnet phase to assess various aspects of the network. These operations encompassed network preparation, network initiation, upgrade execution, and testing of core trading processes.
The completion of Milestone 4 signifies the inclusion of necessary features for the public testnet launch, which will involve a larger number of validators, with over 40 running the dYdX software. The team’s ability to ship this ahead of schedule demonstrates their commitment to project delivery and meeting the set milestones.
Once the public testnet is live, users will be able to connect their wallets and generate private keys. They can request testnet funds via a faucet operated by dYdX Trading Inc. During the course of the testnet, feature releases will be gradually introduced, enabling users to test bridging mechanisms from other chains. Traders will have access to essential tools such as viewing the order book, price charts, depth charts, funding charts, and market details. Additionally, market statistics, including 1-hour funding and 24-hour volume, will be available.
Traders will be able to place market orders and limit orders with advanced options such as Fill or Kill (FoK), Good Till Time (GTT), Immediate or Cancel (IOC), and Post-Only. The platform will allow the cancellation of short-term and stateful (long-term and on-chain) orders. Users can review their order and fill history based on selected markets or view information about their positions by selected markets or all markets. Account information and state differences will be visible when placing an order. Furthermore, traders can monitor their position profit and loss (PnL) and account historical equity.
The public testnet will initially launch with Bitcoin and Ethereum markets, with plans to expand to approximately 30 or more markets as the network undergoes upgrades. dYdX encourages users to provide feedback and suggestions during their usage of the v4 testnet, as it values the input to improve and iterate on the software.
dYdX, known for its robust decentralized derivatives trading platform, has experienced significant growth in the cryptocurrency market. According to the dYdX Foundation’s annual report, trading volume on the platform reached $466.3 billion in 2022, representing a 140% increase compared to the previous year.
The successful deployment of the public testnet for the dYdX Chain marks an important milestone for the projectas it moves closer to the completion of Milestone 5, which involves the launch of the mainnet scheduled for September. The introduction of the dYdX Chain will bring new opportunities for traders to engage in decentralized derivatives trading and further contribute to the growth and development of the cryptocurrency market.
The dYdX team’s commitment to meeting project milestones and delivering ahead of schedule demonstrates their dedication to providing traders with innovative solutions in the decentralized finance (DeFi) space. By leveraging the Cosmos ecosystem and incorporating the latest features of the Cosmos-SDK, dYdX aims to create a seamless and user-friendly trading experience for its users.
As the public testnet goes live, it is essential for users to actively participate and provide feedback to the dYdX team. This feedback will play a crucial role in refining the platform, addressing any potential issues, and improving the overall user experience. By actively engaging with the community and incorporating user suggestions, dYdX can ensure that its final product meets the needs and expectations of its diverse user base.
Source: https://azcoinnews.com/dydx-announces-public-testnet-launch-for-dydx-chain-marking-a-milestone-in-decentralized-derivatives-trading.html
