Berlin, Germany, Sep. 25, 2023, Chainwire
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.
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.
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