DYDX Announces V4 Public Testnet Before Official Launch On July 5

Key Points:

• The dYdX v4 Chain Public Test Network is set to launch on July 5, 2023.
• Some of the functions in the testnet include connecting wallets, viewing order books, placing market orders, and viewing account information.
• The public test network will only work with Bitcoin and Ethereum markets, but future upgrades will add more than 30 markets.

Decentralized exchange DYDX said on Wednesday that it will launch the testnet of the DYDX Chain on July 5, 2023, at 17:00 UTC.

The dYdX v4 Chain Public Test Network is set to launch on July 5, 2023, and Milestone 4 marks the completion of features required for the public testnet launch, which will include several larger than the validators that run the software.

Some of the functions in the testnet include connecting wallets, viewing order books, placing market orders, and viewing account information. The following core flows will be available for testing through integrations, APIs, web sockets, and web UI. At launch, the testnet only works with the Bitcoin and Ethereum markets, but it is anticipated that the open-source software will cover around 30+ markets when the network is upgraded.

The link to the v4 Exchange Public Testnet will be made available on July 5. Based on the announcement, the launch comes ahead after reaching the fourth milestone before the scheduled date. In the third milestone (v3), the chain added advanced features to the stable internal test network.

The developments in version 3 include limit order placement, dynamic funding rates, use of ABCI 2.0, and other latest Cosmos-SDK features. The third milestone also saw documentation integration for Validators and Market Makers as the dYdX chain partnered with a small group of internal validators to test different aspects of the network.

In June 2022, this DEX announced plans to “move home” from Ethereum to a private blockchain built on Cosmos technology. Currently, the platform has completed many items and has more than 40 validators running for DYDX Chain.

The main reason is that on Ethereum, the dYdX protocol can only handle about 10 transactions and 1,000 order limit orders per second. They argue that neither Ethereum’s Layer 1 nor Layer 2 solutions can meet its transaction speed requirements. This made them determined to move on to building DYDX Chain.

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