dYdX DEX to launch the public testnet of its Cosmos-based blockchain

dYdX decentralized exchange (DEX) has revealed intentions for the public testnet launch of its Cosmos-based blockchain, scheduling the premier for July 5 at 17:00 UTC. The launch is part of the DEX's mission to democratize access to financial opportunity even as it runs on the Cosmos blockchain.

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dYdX plans a public testnet launch on July 5

dYdX chain has announced the timely completion of its 4/5 milestones, paving the way for the network's public testnet launch. The venture is expected to feature over 40 validators who operate the network's software after it finalizes its v4 milestone.

In March, the DEX transitioned from the Layer-2 network, StarkEx, an Ethereum built by StarkWare, to its own application-based blockchain in the Cosmos ecosystem. The five-step plan is focused on gradual testing before an eventual rollout.

The effort comes after events within the global economy over the past year underscored the need for open, transparent, and permissionless financial products. The v4 upgrade is expected to be a step closer to that endeavor.

Based on the announcement, the launch is ahead of schedule after the fourth milestone was achieved before the anticipated date. During the third milestone (v3), the chain added advanced features to the stable internal testnet.

Among the developments during v3 include placing limit orders, dynamic funding rates, using ABCI 2.0, and other latest features of Cosmos-SDK. The third milestone also saw documentation integration for Validators and Market Makers as the dYdX chain collaborated with a small group of internal validators to test various aspects of the network.

The second stage before v3 saw the exchange run an internal testnet for its developers to check its basic functionality. 

In the fourth milestone, however, the dYdX chain's public testnet will start by featuring Bitcoin (BTC) and Ethereum (ETH), with plans to integrate over 30 other cryptocurrencies over time as the network continues to gain capacity through upgrades.

Nevertheless, the July 5 launch will provide a green light to test several core inflows through integrations, including API, web sockets, and the web frontend, expected to go live beginning June 5.

While using the v4 testnet, the dYdX network has appealed to community members to provide feedback and suggestions. The v4 Exchange Public Testnet link will be available on July 5.

Meanwhile, the news has provoked a 0.5% uptick in the price of the DYDX token, but not enough to break out of the overall bearish outlook. Consequently, the token is down almost 6% in the day amid a slumping 24-hour trading volume.

On the other hand, the sentiment is different in the Cosmos network, with the ATOM token recording a 15% rise in 24-hour trading volume as investors cheer the news.