dYdX Chain is set to release its public testnet on July 5, 17:00 UTC. The network will comprise an individual L1 blockchain based on Cosmos along with its Tendermint PoS (proof-of-stake) consensus protocol. After the chain goes live, dYdX will release its latest v4 iteration on the network.
This will take the project away from Ethereum for better scalability. According to the statement released by dYdX, the v4 iteration will bring a fully decentralized, off-chain matching engine and order book.
They will be capable of scaling to orders of a level above the throughput of any network, concluded the statement.
Currently ranked the top DEX (decentralized exchange) based on 24-hour volume, dYdX holds massive stature in the market. The news has also boosted its token price, which is trading near 2.14 dollars with a 1.93% increase.
With v4, dYdX will be completing the features required for its public testnet. It will involve a huge number of validators running its software. The platform expressed delight in its latest post regarding the completion of Milestone 4.
The public testnet is set to launch with Ethereum and Bitcoin markets. However, dYdX expects over 30+ markets to become affiliated with the testnet after the upgrades. The network released a series of steps to leverage the update:
- Start by connecting a wallet and generating the private keys
- Request for testnet funds by faucet
- Reach the order book
- Look for the funding chart, market details, depth chart, and price chart
- Analyze the market stats
- Place the market orders
- Use advanced options to place limit orders
- Cancel stateful and short-term orders
- Check the orders and fills history by all or selected markets
- View the position data by all or selected markets
- See the account’s data and state differences while placing the order
- Check the position profit and loss and account for historic equity
Above all, dYdX has requested users and developers to drop their feedback on the v4 testnet.