Announcing the EMDX Subnet Testnet Launch.
An Exciting Evolution of EMDX
We are thrilled to announce the release of the “EMDX Subnet Stage 1” on our testnet, signalling a significant upgrade for our platform.
EMDX, as a pioneering derivatives platform, enables users to negotiate a wide range of financial instruments in a decentralised, transparent, and secure environment. Although our protocol users enjoy derivative trading on many different assets, including cryptocurrencies and FX, we are relentessly working on expanding our horizons by enabling trading on more FX alternatives, commodities and energy derivatives, driven by state-of-the-art Web3 technology.
The forthcoming EMDX Subnet ushers in a new era for the platform by enhancing its product offering and providing an enriched user experience.
With backing from major players across the financial, commodity, and energy sectors and with our team committed to delivering unparalleled services, this new environment offers us an opportunity to test, refine, and perfect an array of new features and products destined for our platform.
Stage 1: Innovations and Improvements
During the Stage 1 testing phase of our subnet, we will evaluate:
- Validator node integrations and consensus
- Delineated validator roles
- Throughput and performance measurement and optimization
- Centralised KYC functions for the institutional venue
- Verifiable Credential issuance to manage permissions
- Service Layers
- Oracle and price feeds integration
- Network gas payments
- Protocol fee payments
- Introduction of new traditional asset products
- Interactions with Market data and third-party providers
- Evaluating the EMDX subnet tokenomics with our stakeholders
Stage 2: Expansion and Extension
As we transition to Stage 2, we will deploy and test:
- A comprehensive derivatives trading platform overhaul
- Introduction of maturity futures on commodities and additional traditional assets
- Interoperability cross-messaging with other subnets and Web2 interfaces from third-party providers
Towards an open and interoperable network architecture
EMDX aims to build an efficient framework merging the virtues of a public and permissionless network with a compliance-conducive environment where specific permissions apply to different participants. To achieve this, we are devising a two-stage plan to transition from a public and permissioned network in Stage 1 to a public and permissionless model in Stage 2.
Adhering to International Standards
Our development principles align with the International Organization of Securities Commissions (IOSCO) and Bank for International Settlements (BIS) standards. We are committed to adhering to the Principles for Financial Market Infrastructures (PFMI), which apply to all systemically important payment systems, central securities depositories, securities settlement systems, central counterparties (CCPs), and trade repositories, as long as this system adecuacy permits our infrastructure to fully interact with other incumbents and major financial markets.
Product Expansion and Enhanced Optionality
Our infrastructure and platform enhancements, coupled with product and service design modifications, will allow us to list an extensive range of products at a near-zero marginal cost. This will embody our mission of integrating traditional assets into a Web3 environment, especially focusing on Whole Range Assets (WRA) and Emerging Markets.
Our subnet’s key strength lies in its optionality. Traders will have the freedom to trade either anonymously or under a KYC process. For institutional clients, our platform is equipped with efficient tools to ensure regulatory compliance, thereby fostering institutional liquidity and creating a secure platform for trading. Meanwhile, users desiring anonymity will continue to have the ability to trade without undergoing any KYC or AML process.
The Role of EMDX Token in the Subnet
The EMDX token will serve several essential functions, including:
- Payment for Network Gas, with collected gas fees sent to staking pools as rewards for validators.
- Payment for Protocol Fees, which will be subsequently burnt.
- Native staking for validators.
- Governance.
The EMDX Subnet within the Avalanche Ecosystem
The EMDX Subnet is a dynamic subset of Avalanche validators that collaboratively achieve consensus on the state of one or more blockchains. Built upon Avalanche’s cutting-edge blockchain technology, EMDX Subnet offers a host of benefits, including faster transaction processing, lower fees, and enhanced network control. By forming this open and interoperable Subnet, EMDX can devise unique membership rules and token economics, thereby fostering innovation and experimentation within the decentralised finance (DeFi) space.
Conclusion
The imminent testnet release of the EMDX Subnet marks a significant milestone in our journey to reshape the world of decentralised finance. We’re excited to progress through the testing phases, enhance our platform’s capabilities, and contribute to the continuous evolution of financial market infrastructure development and capital market dynamics. We extend our heartfelt thanks to our community for their continuous support and look forward to your active participation in this revolutionary upgrade.
Stay tuned for more!
- Trade on EMDX
- Join the EMDX Subnet Stage 1
- Join our Discord
- Join our Telegram
- Follow us on Twitter
