Hydranet launches layer-3 DEX, enhances trustless cross-chain trading

Berlin, Germany, Sep. 25, 2023, Chainwire

Hydranet has launched Hydranet DEX, a layer-3 trading platform that combines various off-chain protocols for secure, trustless, cost-effective, and almost instant cross-chain trading.

The Hydranet DEX launched the mainnet beta on Sep. 23, 2023, following more than a year of development. The release signifies a major milestone in the project’s history.

Commenting, Joe Park, project manager of Hydranet, said:

“I am really proud of us. We have evolved from a small project to a currently #700 mature DeFi project with a great 2023/24 roadmap ahead.”

Hydranet’s DEX is a layer-3 trading platform that links the Bitcoin and Ethereum ecosystems, including all off-chain compatible Ethereum Virtual Machine (EVM) networks.

Hydranet enables fee-free, near-instant, trustless, and non-custodial trading using off-chain protocols like Lightning and Connext Vector.

Off-chain protocols are crucial in this solution and refer to rules and frameworks governing transactions outside the blockchain using state channels.

Unlike on-chain transactions that require miner confirmations, off-chain transactions are characterized by instant processing, minimal to no fees, enhanced privacy, and trustless operations.

These attributes make off-chain transactions valuable for micro-transactions, frequent interactions, and scenarios where real-time responsiveness is essential.

Hydranet has harnessed the advantages of off-chain protocols to create a cost-effective trading platform.

It addresses the longstanding need for a secure, scalable solution to facilitate trading between distinct blockchains without compromising security and integrity.

This trading platform is now available as a downloadable desktop client from Hydranet’s official website.

The platform includes a self-custodial wallet, a state channel management interface, and an order book for trading on its layer-3 exchange.

Trades are secured using Hashed TimeLock Contracts (HTLC), ensuring that agreements are followed precisely or not completed if there’s any manipulation attempt by either trading party.

Below is a video showcasing a mainnet Bitcoin to Ethereum trade using the latest version of the Hydranet DEX.

The Hydranet DEX is currently hosting a set of four trading pairs to start off with:

• aETH – BTC
• BTC – aUSDT
• HDN – aUSDT
• ETH – BTC

The trading pairs on the platform connect Bitcoin, Ethereum, and Arbitrum (denoted as “a”) platforms, showcasing its capabilities.

Expanding to support additional pairs and networks is straightforward, requiring just a few lines of code.

Hydranet is excited about the platform’s potential and assures that this is only the start of its cross-chain journey, with more updates on the way.

Users can learn more about Hydranet and the Hydranet DEX at Hydranet’s official website. 

Users can Join Hydranet’s Discord and Twitter to stay updated on their announcements.

About Hydranet

Hydranet is a Decentralized Autonomous Organization (DAO) building ta layer-3 off-chain decentralized exchange (DEX).

Hydranet’s vision goes beyond traditional on-chain exchanges, emphasizing trustlessness, efficiency, and scalability as core principles.

Hydranet is active on Discord, Twitter, Telegram, Facebook, Medium, YouTube, and Instagram.

Contact

Nico McFinity
Hydranet
[email protected]