A testnet program has been launched by Layer 3 Foundation, a leader in blockchain-based financial technology, for its Yellow Clearing Network, the world’s first decentralized clearing system. The foundation’s goal of decentralizing clearing and settlement procedures to scale trading using blockchain technology is now much closer to reality with the launch of this effort.
Using blockchain technology to provide cutting-edge financial solutions has been a key focus of Layer 3 Foundation, which was founded by a group of specialists in fintech, software architecture, cyber-security, and market making. The foundation’s dedication to cutting-edge technology and a decentralized future is shown by the $YELLOW token, which is essential to Yellow Clearing Network.
Anticipations for the Testnet
Yellow’s closed beta testnet will launch the program on Duckies, Yellow’s Canary Network, where $DUCKIES is the native token.
The closed testnet will launch on January 22nd, 2024, and run until April of the same year. Its primary objective will be to test the trading terminal’s essential functionality, such as but not limited to:
- Opening and shutting counterparty clearing channels;
- Off-chain market trading;
- Trade settlement using blockchain escrow swaps;
- Mining liquidity and broker node deployment.
Testnet users will be essential in assessing the overall system stability, Web3 signing flow, and user experience of the trading terminal. The objectives of Layer 3 Foundation are to collect important data, find weaknesses, and improve the platform for a larger user base. Yellow.org/canarynet is where applications for the closed beta can be submitted.
The organization is looking for people that are knowledgeable about blockchain technology and have a strong interest in trade and finance. Promising applicants should possess a fundamental comprehension of financial markets, prior testnet participation experience, and clout in smaller communities. Experienced traders and tech aficionados who align with the company’s goals will be given priority.
ClearSyncTM, a protocol that frees traders of counterparty risk, is used by Yellow Clearing Network. This is accomplished by confirming that each party has enough collateral funds to complete deals. By preventing traders from going above their capital restrictions, counterparties may be certain that deals will be fulfilled in full.
Prospective Advancements and Executive Perspectives
The platform will be ready for an open testnet phase and ultimately public release with input from the closed testnet.
Louis Bellet, a core contributor at Layer 3 Foundation stated:
“At Layer 3 Foundation, the imminent market introduction of our technology fills me with immense excitement! It’s a game-changer in blockchain’s evolution.”
Cross-chain settlements and improved security measures are among the forthcoming features. A crucial stage in Layer 3 Foundation’s plan for wider acceptance and token listing is the closed beta.
