Introduction
As part of providing periodic updates on our progress building out the dYdX V4 Blockchain, we are excited to announce the completion of our second of five milestones.
We now have two working internal blockchain networks running in perpetuity. One serves as a developer playground, and the other serves as a general testnet. Functionally, the blockchain allows for core trading functionality, with leverage, fees, oracle price updates, hourly funding rates, and liquidations.
We are now in the middle of working on Milestone 3, and will release another update after completion. This will include the launch of an external testnet with an initial small group of validators. The completion of Milestone 4 will include the launch of a public testnet, and Milestone 5 will include the launch of the mainnet blockchain.
A Recap of Milestone 2
The purpose of Milestone 2 was to complete all of the basic functionality needed to run the core product of the exchange. The main technical features of this milestone were:
- Trading Fees
- Liquidations
- Oracle Price Updates
- Static Funding Rates
- Token Transfers
- Indexing and API Service
We also created a more stable internal testnet with a larger number of validator nodes. This testnet remains internal to dYdX, but allows for robust testing by our developers.
We have also built out more robust developer tooling to maintain and test the network, including:
- A tool to quickly reset all validators from genesis
- A faucet to onboard new accounts
- Mock trading-bots that add liquidity and load-test the nodes
