Ethereum

dYdX (ethDYDX)

Cosmos

Crypto exchange dYdX has achieved a significant milestone with the launch of the public testnet for its latest iteration, version four (v4), as stated in an announcement by the exchange’s development team on July 5. 
This advancement brings the exchange one step closer to the eventual launch of the v4 mainnet, which is anticipated to enable full decentralization of the platform. 
dYdX operates on the Ethereum and StarkEx networks and is widely recognized as a decentralized exchange (DEX) since it doesn’t hold users’ funds. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/hong-kong-threatening-us-as-it-emerges-as-preferred-web3-destination/">Hong Kong Threatening US As It Emerges As Preferred Web3 Destination</a> 
However, it does feature a centralized order book and matching engine, allowing market makers to place limit orders. 
This sets it apart from automated market maker DEXs like Uniswap, which leverage on-chain pricing algorithms for buyer-seller matching. 
The upcoming version four of dYdX aims to eliminate the need for a centralized order book and matching engine, resulting in a fully decentralized exchange that doesn’t rely on an automated market maker. 
According to the protocol’s documentation, this will be achieved by deploying parts of the application on a separate dYdX network with its own validators, enabling the order book to be stored on-chain. 
The recent announcement also revealed that users can now request testnet funds to explore the app and engage in virtual trades, track profit and loss, and perform other essential exchange functions starting from 5:00 pm UTC on July 5. 
Although the ability to test bridging between networks has yet to be implemented, it is expected to be introduced during the public testnet phase. 
Upon the completion of the testnet phase, the protocol’s team plans to proceed with the fifth milestone on their roadmap. 
This milestone will involve integrating stablecoins into dYdX and incorporating support for Cosmos Inter-Blockchain Communication, granting Cosmos users access to the dYdX app. Following the accomplishment of this final milestone, the release of version four is anticipated. 
It is worth noting that dYdX faced regulatory challenges in Canada, which led to the decision to wind down its services in the country, as announced in April. 
In September 2022, the exchange faced criticism from privacy advocates after offering a $25 bonus to new users who could prove they were not bots. 
However, this promotion was eventually abandoned. 
<a href="https://www.cryptointelligence.co.uk/submit-a-crypto-or-blockchain-press-release-pr/">Submit A Crypto Press Release</a>

Crypto Exchange Launches Public Testnet for v4, Paving the Way for Full Decentralization

Crypto Intelligence

Other articles published on Jul 7, 2023

Ripple Vs SEC News: Pro-XRP Lawyer Explains What Might Happen if the SEC Wins

Golteum’s GLTM Token: The Key for Diversifying Your Investment Portfolio

ARK Development Report - July 7, 2023

FLOKI Announces Collaboration with BitGo, Fostering Institutional Integration Amidst Bitcoin and ...

Nayms Issues World’s First Crypto-Denominated Industry Loss Warranty (ILW)

What is a Blockchain Explorer and How Do You Use It?

Join our free newsletter for daily crypto updates!