Berlin, Germany, September 25, 2023, Chainwire
Hydraniteknown for its off-chain trading expertise, has just released Hydranite Dex, a layer 3 trading platform that integrates multiple off-chain protocols to enable trustless, cost-effective, and near-instantaneous cross-chain trading. Hydranet DEX officially debuted as a mainnet beta on September 23, 2023, after more than a year of custom development. This release represents a major milestone in the history of the project, the future of which promises more pioneering developments.
I’m really proud of us. We have grown from a small project to currently the 700th mature DeFi project with an exciting roadmap for 2023/24. – Joe Park, Hydranet Project Manager
Hydranet offers its DEX platform as a layer 3 trading platform that connects the Bitcoin and Ethereum ecosystems (including all compatible off-chain Ethereum Virtual Machine (EVM) networks), allowing users to seamlessly trade between them. Through its use of off-chain protocols, such as Lightning and Connext Vector technologies, rolled into a single solution that allows these protocols to interact, Hydranet has enabled trading between different blockchains with essentially no fees, almost instantly. Most importantly, in a trustless manner, 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 standards and procedures for conducting transactions outside the blockchain using what are known as state channels. Unlike on-chain transactions, which require miners’ confirmations, off-chain transactions are characterized by instant transaction times, minimal or no transaction fees, a 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 critical.
Realizing the benefits of off-chain protocols, Hydranet has undoubtedly leveraged them in creating a solution that meets the long-standing demand for a cost-effective trading platform capable of fundamentally bridging different blockchains without compromising security, integrity and scalability. This trading platform is now available as Hydranet’s downloadable desktop client Official Website.
The platform includes a self-custodial wallet, an interface for state channel management, and an order book for trading on a third-tier exchange. Trades on the exchange are secured using Hashed TimeLock (HTLC) contracts that ensure they are completed as agreed, or not completed at all if a trading party attempts to manipulate the trade. Below is a video showing mainnet trading from Bitcoin to Ethereum using the latest version of Hydranet DEX.
Hydranet DEX currently hosts a set of four trading pairs to get you started:
- Ether – Bitcoin
- Bitcoin – US dollar
- HDN – US dollar
- Ethereum – Bitcoin
These trading pairs effectively connect the Bitcoin, Ethereum, and Arbitrum chains (denoted by the symbol “a”) and highlight the capabilities of the trading platform. Adding support for other pairs and trading 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 evolve in the future, Hydranet stresses that this is just the beginning of the future of Hydranet DEX across the chain and that more news is coming.
Users can learn more about Hydranet and Hydranet DEX at Hydranet official website.
Hydranite It is a decentralized autonomous organization that is building the world’s first layer-3 off-chain decentralized exchange. With a commitment to zero trust, efficiency and scalability, their vision extends beyond the boundaries of traditional on-chain exchanges. Hydranet is active on Discord, Twitter, Telegram, Facebook, Medium, YouTube, and Instagram.