September 25, 2023 – Berlin, Germany
Hydranet, known for its expertise in off-chain trading, just released the Hydranet DEX, a layer three 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.
Joe Park, project manager of Hydranet, said,
“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 presents their DEX as a layer three trading platform that connects the Bitcoin and Ethereum ecosystems including all off-chain compatible EVM (Ethereum Virtual Machine) 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…
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