- Hydranet has launched the Hydranet DEX, a Layer 3 trading platform that facilitates trustless, cost-effective, and near-instant cross-chain trading.
- The Hydranet DEX connects the Bitcoin and Ethereum ecosystems, enabling users to trade seamlessly with virtually no fees and total control of their funds.
- The platform offers self-custodial wallets, state channel management, and secure trades using Hashed TimeLock Contracts (HTLC).
Hydranet, recognized for its off-chain trading expertise, recently announced the Hydranet DEX, a Layer 3 trading platform that integrates numerous off-chain protocols to enable trustless, cost-effective, and near-instant cross-chain trade. Following more than a year of dedicated development, the Hydranet DEX officially debuted as a mainnet beta on September 23, 2023. The publication marks a significant turning point in the project’s history, and the future promises even more remarkable innovations.
Joe Park, Hydranet’s project manager, stated, “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 describes their DEX as a Layer 3 trading platform that bridges the Bitcoin and Ethereum ecosystems (including any off-chain compatible Ethereum Virtual Machine (EVM) networks), allowing users to trade between them smoothly.
Hydranet has made it possible to trade between fundamentally different blockchains with virtually no fees, near-instantly, and, most importantly, trustlessly, by incorporating off-chain protocols such as the Lightning and Connext Vector technologies into a single solution that allows these protocols to interact.
Off-chain protocols, which refer to a set of rules, specifications, and frameworks that specify the norms and processes for executing transactions outside the blockchain utilizing what are often known as state channels, play a critical part in this solution. Off-chain transactions, as opposed to on-chain transactions, are distinguished by their instant transaction times, low-to-no transaction fees, high level of privacy, and trustless operations. Off-chain transactions are especially helpful for microtransactions, frequent contacts, and circumstances requiring real-time responsiveness.
Recognizing the advantages of off-chain protocols, Hydranet has undoubtedly used them to develop 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, or scalability. This trading platform is now available as a downloadable desktop client via Hydranet’s official website.
The platform consists of a self-custodial wallet, a state channel management interface, and an order book for trading on the platform’s Layer 3. Trades on the exchange are secured using Hashed TimeLock Contracts (HTLC), which ensure that they are executed in line with what was agreed upon or that they are not completed at all if either trading party attempts to manipulate the trade. Here is a video demonstrating a mainnet Bitcoin to Ethereum trade using the latest version of the Hydranet DEX.
The Hydranet DEX is now hosting four trading pairs, beginning with:
- aETH – BTC
- BTC – aUSDT
- HDN – aUSDT
- ETH – BTC
These trading pairs efficiently connect the blockchains of Bitcoin, Ethereum, and Arbitrum (denoted as ‘a’) and highlight the trading platform’s potential. Support for additional trading pairs and networks is reported to be as simple as adding a few lines of code.
With all of the excitement surrounding this new sort of trading platform and how it will evolve in the future, Hydranet underlines that this is merely the beginning of the Hydranet DEX cross-chain future and that more information will be released soon.
Users can learn more about Hydranet and the Hydranet DEX by visiting the Hydranet website.
Hydranet is a DAO building the world’s first Layer 3 off-chain decentralized exchange. Their mission extends beyond the limitations of typical on-chain exchanges, focusing on trustlessness, efficiency, and scalability. Hydranet is active on the following platforms: Discord, Twitter, Telegram, Facebook, Medium, YouTube, and Instagram.