The decentralized exchange dYdX has released its public test network on Cosmos, marking a significant step towards transitioning away from its current Ethereum-based version. In a recent press release, it was announced that users can now engage in market orders, generate private keys, and place limit orders with advanced options on the dYdX testnet. Initially, the testnet will feature Bitcoin and Ethereum markets, but the company plans to expand its coverage to include more than 30 markets as network upgrades progress.
The existing Ethereum platform, renowned for its perpetual contracts, has experienced a trading volume exceeding $728 million in the past 24 hours. Additionally, the platform’s governance token, DYDX, has demonstrated a steady 23% increase in value over the past two weeks.
Notably, dYdX had previously disclosed its intention to develop a standalone blockchain, referred to as “v4” or version 4, utilizing the Cosmos software development kit (SDK) and Tendermint proof-of-stake consensus protocol. This decision marks a significant departure from dYdX’s original foundations built on the Ethereum network.