Hydranet, known for its expertise in off-chain trading, just released the Hydranet DEX, a Layer 3 trading platform that integrates multiple off-chain protocols to enable trustless, cost-effective and near-instant cross-chain trading.
The Hydranet DEX made its official debut as a mainnet beta on September 23, 2023, following more than a year of dedicated development. The release signifies a major milestone in the project’s history, whose future promises even more groundbreaking developments.
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. – Joe Park, project manager of Hydranet
Hydranet presents their DEX as a Layer 3 trading platform that connects the Bitcoin and Ethereum ecosystems (including all off-chain compatible Ethereum Virtual Machine (EVM) networks), allowing users to trade seamlessly between them.
By their use of off-chain protocols, such as the Lightning and Connext Vector technologies, crafted into a single solution that allows these protocols to interact, Hydranet has made it possible to trade between fundamentally different blockchains with virtually no fees, near-instantly, and, most importantly, in a trustless manner, as users will always retain full control of their funds.
Off-chain protocols play a pivotal role in this solution and refer to a set of rules, specifications, and frameworks that define the standards and procedures for conducting transactions outside the blockchain using what is commonly known as state channels.
Unlike on-chain transactions, which necessitate miners’ confirmations, off-chain transactions are distinguished by their instant transaction times, minimal-to-no transaction fees, high level of privacy and trustless operations. These attributes make off-chain transactions particularly useful for microtransactions, frequent interactions, and scenarios where real-time responsiveness is crucial.
Recognizing the benefits of off-chain protocols, Hydranet has undoubtedly taken advantage of them in creating a solution that will meet the long-standing demand for a cost-effective trading platform capable of bridging fundamentally different blockchains without compromising security, integrity, and scalability. This trading platform is now available as a downloadable desktop client from Hydranet’s official website.
The platform comprises a self-custodial wallet, a state channel management interface, and an order book for trading on its Layer 3 exchange.
Trades on the exchange are secured using Hashed TimeLock Contracts (HTLC) which guarantees that they are completed in accordance with what is agreed upon, or not completed at all if either one of the trading parties attempts to manipulate the trade. 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
These trading pairs effectively bridge the Bitcoin, Ethereum and Arbitrum (denoted as ‘a’) blockchains and highlight the capabilities of the trading platform. Adding support for other trading pairs and networks is said to be as easy as adding a few lines of code.
With all the excitement surrounding this new type of trading platform and how it will develop in the future, Hydranet emphasizes that this is only the beginning of the Hydranet DEX cross-chain future and more news is coming.
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 building the world’s first Layer 3 off-chain decentralized exchange. With a commitment to trustlessness, efficiency, and scalability, their vision extends beyond the confines of traditional on-chain exchanges. Hydranet is active on Discord, Twitter, Telegram, Facebook, Medium, YouTube and Instagram.
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This post was sourced from BeInCrypto
