On September 25th, 2023, Chainwire reported on Hydranet’s release of the Hydranet DEX – a Layer 3 trading platform that enables trustless, cost-effective and near-instant cross-chain trading. This was a major milestone for the project, which has been in development for more than a year.
Joe Park, project manager of Hydranet, proudly stated: “We have evolved from a small project to a currently #700 mature DeFi project with a great 2023/24 roadmap ahead.”
The Hydranet DEX connects the Bitcoin and Ethereum ecosystems, allowing users to trade seamlessly between them. By utilizing off-chain protocols such as the Lightning and Connext Vector technologies, the DEX bridges fundamentally different blockchains without compromising security, integrity, and scalability.
Off-chain protocols refer to a set of rules, specifications, and frameworks that define the standards and procedures for conducting transactions outside the blockchain. These 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.
The Hydranet DEX is a downloadable desktop client that includes 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) to guarantee that they are completed in accordance with what is agreed upon.
The platform is currently hosting a set of four trading pairs, which effectively bridge the Bitcoin, Ethereum and Arbitrum (denoted as ‘a’) blockchains. Adding support for other trading pairs and networks is said to be as easy as adding a few lines of code.
Hydranet emphasizes that this is only the beginning of the Hydranet DEX cross-chain future and more news is coming. To learn more and stay updated on their announcements, users can visit Hydranet’s official website and join their Discord and Twitter.
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.
For more information, contact Nico McFinity of Hydranet at [email protected]