Hydranet Launches Layer 3 DEX: Revolutionizing Trustless Cross-Chain Trading

Hydranet Launches Layer 3 DEX: Revolutionizing Trustless Cross-Chain Trading

Hydranet Releases Groundbreaking Layer 3 Trading Platform: A Game-Changer for Cross-Chain Trading

Berlin, Germany, September 25th, 2023, Chainwire – Hydranet, a prominent player in the off-chain trading realm, has made a significant leap forward with the launch of Hydranet DEX. This Layer 3 trading platform integrates multiple off-chain protocols to enable trustless, cost-effective, and near-instant cross-chain trading. After over a year of dedicated development, the Hydranet DEX has made its official debut as a mainnet beta on September 23, 2023. This release marks a major milestone in the project’s history, with more groundbreaking developments expected in the near future.

Joe Park, the project manager of Hydranet, expressed his pride in the team’s achievements, stating, “We have evolved from a small project to a currently #700 mature DeFi project with a great 2023/24 roadmap ahead.”

The Hydranet DEX: Enabling Seamless Trading Between Bitcoin and Ethereum

Hydranet presents the Hydranet DEX as a Layer 3 trading platform that connects the Bitcoin and Ethereum ecosystems, including all off-chain compatible Ethereum Virtual Machine (EVM) networks. By leveraging off-chain protocols, such as Lightning and Connext Vector technologies, Hydranet has developed a single solution that allows these protocols to interact and facilitates trading between fundamentally different blockchains.

Off-chain protocols serve as a crucial component of this solution. They define the standards and procedures for conducting transactions outside the blockchain using state channels. Unlike on-chain transactions, which require miners’ confirmations, off-chain transactions offer instant transaction times, minimal-to-no transaction fees, high levels of privacy, and trustless operations. These attributes make off-chain transactions particularly useful for microtransactions, frequent interactions, and scenarios requiring real-time responsiveness.

Recognizing the benefits of off-chain protocols, Hydranet has harnessed them to create a solution that meets the long-standing demand for a cost-effective trading platform capable of bridging fundamentally different blockchains without compromising security, integrity, and scalability. The Hydranet DEX is available as a downloadable desktop client from Hydranet’s official website.

A Self-Custodial Wallet and HTLC for Secure Trading

The Hydranet DEX platform consists of a self-custodial wallet, a state channel management interface, and an order book for trading on its Layer 3 exchange. Hashed TimeLock Contracts (HTLC) secure trades on the exchange, ensuring that they are completed as agreed upon or not completed at all if either party attempts to manipulate the trade.

To illustrate the capabilities of the Hydranet DEX, there are currently four trading pairs available:

  1. aETH – BTC
  2. BTC – aUSDT
  3. HDN – aUSDT
  4. ETH – BTC

These trading pairs effectively bridge the Bitcoin, Ethereum, and Arbitrum blockchains, showcasing the platform’s capabilities. Adding support for additional trading pairs and networks is notably straightforward, requiring just a few lines of code.

Hydranet’s Future and Staying Updated

The release of the Hydranet DEX has generated significant excitement within the blockchain industry. While this innovative trading platform sets the stage for the future, Hydranet emphasizes that it is just the beginning. With an eye toward continuous improvement and innovation, they assure users that more news and developments are on the horizon.

To learn more about Hydranet and the Hydranet DEX, users can visit Hydranet’s official website. Additionally, the community can stay updated with Hydranet’s announcements by joining their Discord and following them on Twitter.

About Hydranet

Hydranet is a Decentralized Autonomous Organization (DAO) at the forefront of building the world’s first Layer 3 off-chain decentralized exchange. With its focus on trustlessness, efficiency, and scalability, Hydranet’s vision extends beyond traditional on-chain exchanges. The project actively engages the community through various channels, including Discord, Twitter, Telegram, Facebook, VoAGI, YouTube, and Instagram.

Contact

Nico McFinity, Hydranet: [email protected]

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