dYdX Up 12% Following The Announcement Of Cosmos Testnet
- DeFi exchange dYdX has announced the launch of its private testnet on Cosmos.
- The testnet marks the DeFi crypto exchange’s transition to a completely decentralized model.
- Native token DYDX has gained over 12% since the testnet’s launch was announced earlier today.
dYdX, one of the most popular decentralized crypto trading platforms, announced the launch of its private testnet on the Cosmos blockchain. The testnet brings the DeFi crypto exchange one step closer to transitioning to a completely decentralized model from its current “hybrid decentralized model”.
dYdX to ditch Ethereum by September 2023
According to a blog post by dYdX, the DeFi exchange recently achieved the third out of five milestones with the finalization of the private testnet’s launch. The launch is slated for 28 March 2023 and is expected to last between 2-3 weeks. The third milestone covers several objectives including Advanced order types, Dynamic funding rates, and documentation for Validators, among other things.
The decentralized trading platform plans to launch a fully public testnet by the end of July this year, thereby expanding the number of validators testing the changes. The DeFi exchange is anticipating the complete transition to Cosmos from Ethereum by September 2023, which is when its mainnet will go live.
Antonio Juliano, founder, and CEO of dYdX told Bloomberg that the end game is full decentralization for his crypto exchange. The Cosmos mainnet will help eliminate centralized entities that are currently involved with the exchange’s operations. The move towards decentralization is also expected to help with the current regulatory landscape in the United States as authorities step up the crackdown on crypto.
I think the end state for everything in DeFi has to be full decentralization. The middle ground doesn’t really work indefinitely.”
Antonio Juliano, founder, and CEO of dYdX
News of the testnet’s imminent launch has sent native token DYDX soaring. The token has gained more than 12% since the announcement earlier, going from $2.1 all the way up to $2.4 at the time of writing.