dYdX has emerged as a significant player in decentralized crypto trading. In 2022, it marked its presence with a whopping $466.3 billion in transaction volume, a 140% rise from the previous year’s $322 billion. This growth occurred even with a decline in the total value of tokens on the platform, indicating sustained user engagement.
In an exciting development, DYDX, the renowned decentralized exchange (DEX), has unveiled its highly anticipated public testnet on the Cosmos network. This significant milestone grants users the opportunity to actively participate in testing and provide valuable feedback, potentially positioning themselves for future rewards.
To become part of the DYDX public testnet, interested individuals are encouraged to follow the detailed steps outlined by the Twitter user. Here is a comprehensive guide to accessing and utilizing the testnet:
- Visit the official DYDX testnet website at https://v4.testnet.dydx.exchange/?#/trade/ETH-USD. This platform serves as the gateway for users to engage with the testnet environment.
- Click on the “Connect Wallet” option available on the website. This action establishes a secure connection between the user’s cryptocurrency wallet and the DYDX testnet.
- Switch the network to the Goerli Testnet. This particular test network allows users to experiment and engage in activities without utilizing real funds, ensuring a risk-free environment for testing.
- Once the wallet is connected and the network is switched, click on the “Recover Keys” option. This action prompts MetaMask, a widely used cryptocurrency wallet, to initiate a transaction signing process.
- In the MetaMask window, review and confirm the transaction details. This step ensures the secure transfer of necessary information between the user’s wallet and the DYDX testnet.
- After confirming the transaction, click “I Agree” to accept the terms and conditions set forth by DYDX for participating in the testnet. This agreement signifies the user’s consent to engage in testing activities and provide valuable feedback.
- Proceed to deposit funds into the testnet environment. Users can do this by following the instructions provided on the DYDX testnet website. The deposited funds will be available for users to utilize and gain hands-on experience with the platform’s functionalities.
To enhance security and ensure seamless access to the wallet, it is highly recommended to export the secret phrase associated with the wallet. Users can do this by following these steps:
- Click on the user’s wallet on the DYDX platform.
- Select the “Export Secret Phrase” option.
- A secret phrase, also known as a mnemonic phrase, will be generated. This phrase serves as a backup and a means to access the wallet in case the user encounters any unforeseen circumstances. It is crucial to save this secret phrase securely.
Once the deposited funds appear in the user’s portfolio, they gain the ability to engage in short and long trades on the DYDX platform. By participating in trades, users can familiarize themselves with the various features and dynamics of the testnet.
Furthermore, to contribute to the development process and offer valuable insights, participants are encouraged to provide feedback on their experiences. This can be achieved through the following steps:
Fill out the feedback form available at https://docs.google.com/forms/d/e/1FAIpQLSezLsWCKvAYDEb7L-2O4wOON1T56xxro9A2Azvl6IxXHP_15Q/viewform?pli=1](https://docs.google.com/forms/d/e/1FAIpQLSezLsWCKvAYMy
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