Decentralized Exchange dYdX Launches Public Testnet on Cosmos
dYdX, a decentralized exchange (DEX), has announced the launch of its public test network on Cosmos, marking a significant step towards transitioning away from its current Ethereum-based version. Users can now trade bitcoin and ethereum on the dYdX testnet, with the platform eventually planning to include over 30 markets as the network expands. The existing Ethereum platform has seen substantial trading volume, reaching over $728 million in the past 24 hours. The governance token of the platform, DYDX, has experienced a 23% increase in value in the past two weeks. dYdX aims to fully transition to the main network on Cosmos later this year.
Main Breakdowns:
- dYdX launches public test network on Cosmos
- Users can trade bitcoin and ethereum on the dYdX testnet
- Platform plans to include over 30 markets as the network expands
- Ethereum platform has seen over $728 million in trading volume in 24 hours
- dYdX aims to transition to main network on Cosmos later this year
Hot Take:
The launch of dYdX’s public testnet on Cosmos is a significant development for the decentralized exchange, as it moves closer to transitioning away from its Ethereum-based version. With the ability to trade bitcoin and ethereum, and plans to expand to over 30 markets, dYdX is poised to attract more users and increase its trading volume. The steady increase in value of the DYDX governance token also indicates positive market sentiment. As dYdX progresses towards launching its main network on Cosmos, it will be interesting to see how it further disrupts the decentralized finance space.
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