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July 5, 2023 5:21 PM | 1 min read

Decentralized exchange dYdX has taken a significant step towards migrating from its current Ethereum (CRYPTO: ETH)-based platform by launching its public test network on Cosmos (CRYPTO: ATOM).

The testnet allowsusers to execute market orders, create private keys and set limit orders with advanced options.

Initially, the public testnet will feature Bitcoin and Ethereum markets, the company stated in its blog post.

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dYdX anticipates that it will eventually expand to include more than 30 markets as the network evolves.

The existing Ethereum-based platform, renowned for its perpetual contracts, has recorded over $728 million in trading volume in the last 24 hours, as stated on the company's website.

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Furthermore, the platform's governance token, DYDX, has experienced a consistent increase over the past fortnight, rising by 23%.

Also Read:Is Bitcoin Disentangling From Its Wall Street Correlation?

In the previous year, dYdX disclosed that the fourth version of the project referred to as "v4," would be developed as an independent blockchain using the Cosmos software development kit (SDK) and the Tendermint proof-of-stake consensus protocol.

This marked a departure from the decentralized exchange's original Ethereum-based construction.

dYdX has set its sights on completing the transition by launching the main network on Cosmos later this year.

The company has not yet announced a specific date for this launch.

Read Next:Hong Kong Is Ready To Challenge USDT And USDC With Its Own Stablecoin, Experts Say

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dYdX Launches Public Testnet On Cosmos In Major Shift From Ethereum - Benzinga