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 (https://hydranet.ai).
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.