dYdX, a decentralized exchange (DEX), has taken a step closer to transitioning away from its current version built on Ethereum with the launch of its public test network on Cosmos, according to a press release. Users can now place market orders, generate private keys, and place limit orders with advanced options on the dYdX testnet. Initially, the testnet will include Bitcoin and Ethereum markets, but the company anticipates that it will eventually include more than 30 markets as the network upgrades.
The existing platform on Ethereum, which is known for its perpetual contracts, has seen over $728 million in trading volume over the past 24 hours, according to the company’s website. The governance token of the platform, DYDX, has also seen a 23% increase over the past two weeks.
dYdX announced last year that its v4 or version 4 would be developed as a standalone blockchain based on the Cosmos software development kit (SDK) and Tendermint proof-of-stake consensus protocol. The DEX was originally built on Ethereum. The company is aiming for the launch of the main network on Cosmos later this year, but hasn’t set a specific date.