According to an announcement made on July 5, 2023, dYdX, a cryptocurrency exchange’s development team launched a public testnet of its “v4” iteration. It is expected that this completes the “milestone 4” out of five, made for the future v4 mainnet launch, stated Cointelegraph.
Sources revealed that version four of dYdX will eliminate this centralised order book and matching engine, without the need for an automated market maker. Supposedly, the protocol’s documentation mentioned that different parts of the app will run on a separate dYdX network with its own validators, and allow the order book to be stored on-chain, Cointelegraph added.
According to Cointelegraph, users requested the testnet funds on July 5, 2023, and tried out the app at 5:00 pm UTC. This is expected to enable them to do virtual trades, see the profit and loss rates, and execute other usual functions of the exchange.
Once the testnet phase is completed, the protocol’s team may implement the integration of stablecoins into dYdX and add support for Cosmos Inter-Blockchain Communication. Furthermore, Version four will launch after this final milestone is completed, Cointelegraph concluded.
(With insights from Cointelegraph)