The decentralized derivatives exchange dYdX announced that the public testnet for the upcoming v4 version of its platform will go live on July 5 at 20:00 Turkish time.
dYdX Chain Testnet Launching July 5th
The testnet will allow users to try out new features and functionalities of dYdX Chain, a custom-built blockchain that aims to deliver fast, scalable and low-cost trading of perpetual contracts.
The dYdX Chain public testnet will be launched with two markets: Bitcoin and Ethereum.
Users will be able to link their wallets, request testnet funds from a Faucet, view the order book and price charts, place market and limit orders, cancel orders, view positions and account information, and more.
The testnet will also include dynamic funding rates that adjust the rate of funding paid or received by investors to market conditions.
The public testnet is the fourth of five milestones in the development of dYdX v4, which is expected to launch on the Mainnet later this year.
The fifth and final phase will include the addition of more markets, integration with other blockchains, and the launch of a governance token for the dYdX Chain.
The dYdX team said they completed phase four ahead of schedule and worked with a small group of external validators during the private testnet to test various aspects of the network.
dYdX Chain is built on Cosmos-SDK, a framework for building interoperable blockchains. The chain uses a proof-of-stake consensus mechanism with over 40 validators running the software.
The chain also supports ABCI 2.0, a protocol that allows applications to communicate with the consensus engine.
*Not investment advice.