First Layer 3 DEX hitting mainnet release after more than 4 years of waiting time. This is BIG news!
2 min read
The following was tweeted by Vitalik Buterin a few years ago:
https://twitter.com/VitalikButerin/status/1242553658195271681
This seems to be a reality since the launch of Hydranets Layer 3 DEX, which connects Bitcoin and Ethereum over the Lightning Network, as well as the Connext Network.
For god knows how long, have we been struggling with proper scaling solutions. Gas fees exploding during bull runs, and projects all over trying to fix these issues to no avail. We’ve had tons of projects trying to “fix” Bitcoin, or even trying to “fix” Ethereum, which makes complete sense, when they become utterly useless during peak hours when we go through bull runs, such as in 2017, as well as in 2021.
The Lightning Network itself has been attacked by many as being a centralized solution, that hardly anyone knows how to use, but surprisingly we’ve seen exchanges such as Coinbase and Binance starting to support it as of lately, which is great news!
We’ve also seen a massive shift in volume moving from CEX’s to DEX’s over the past few years, as KYC and AML has been enforced on pretty much all exchanges, with a few unregulated remaining still, who will probably follow suit eventually as well.
Cryptocurrency was meant as peer to peer electronic cash according to Satoshi Nakamoto‘s whitepaper, but has shifted to an investment vehicle mostly controlled by centralized entities. (CEX’s)
If you want to trade freely amongst other users, while preserving your privacy, there really isn’t many places to go. Uniswap doesn’t use orderbooks, but liquidity pools.
Trading with real Bitcoin isn’t possible either, Litecoin, and other coins is pretty much the same story, unless you want to trust a third party with your “wrapped” assets.
On top of that, you have to struggle with a slow trading experience, as well as heavy fees, which is why most people prefer CEX’s when dealing with big volume.
There’s a solution to all of this now, thanks to The Lightning Network, as well as Connext (For Ethereum). Hydranet has been building their own DEX, where you will be able to trade real coins pretty much instantly, for next to zero fees.
Hydranet’s Layer 3 DEX launched a few days ago, and you can download it from https://www.hydranet.ai/en/download
DEX tutorials can be found here: https://www.hydranet.ai/en/tutorials
This is still in mainnet BETA, meaning there’s trading limits for now, but it works extremely smooth. The Lightning Network offers privacy similar to Monero, which makes it interesting as well!
submitted by /u/marckolind
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