The migration of DeFi protocols to Ethereum L2 will be the real battlefield of derivatives in the DeFi space. Once built on Ethereum L2, perpetual swaps, the most popular way of trading cryptocurrencies, will be able to realize their full potential. The launch of MCDEX on Arbitrum is revolutionary and we are excited to launch our testnet on Arbitrum Rollup, which we chose for its visible product readiness and its smooth and developer-friendly capabilities for porting code. This launch will allow MCDEX to bring decentralized perpetual swaps to the mainstream public.
As the Ethereum congestion and its skyrocketing gas cost is giving traders a huge headache, MCDEX has been actively exploring L2 options. The Arbitrum option turns out to be a great fit. Compared to the Ethereum mainnet, the gas usage of Arbitrum is significantly lower, saving gas cost up to several hundred times.
How it works:
- Link your wallet on https://arb.mcdex.io/trade
- Switch to Arbitrum:
a) Open the MetaMask chrome extension,
b) Enter “Custom RPC” at [Networks]
c) Enter “MCDEX L2” at [Network Name]
d) Enter “https://kovan2.arbitrum.io/rpc" at [New RPC URL]
e) Enter “152709604825713” at [Chain ID]
f) Enter “ETH” at [Symbol]
g) Enter explorer.arbitrum.io at [Blocking Explorer URL]
h) Click [Save] to complete the switch
3. Get test tokens: Click on [get] to confirm the transaction, and wait a bit before you receive 10,000 TDAI for testing
This testnet launch of MCDEX on Arbitrum is our first step towards implementing MCDEX on Ethereum L2. While many in the crypto world have long anticipated the development of Ethereum L2 scalability solutions, today’s launch is an important development to actually bringing this technology to the masses. The combination of MCDEX’s perpetual swaps with the scalability of Arbitrum will expose the world of derivatives and perpetual swaps to more DeFi enthusiasts. We hope you have fun with the demo, and be sure to look out for our new product — MCDEX V3 — a permissionless perpetual swaps platform which will be launched on mainnet soon!