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Layer 3 Foundation Announces Testnet of Its P2P Yellow Clearing Network for Counterparty Risk Mitigation
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Paris, France, December 20th, 2023, Chainwire – Layer 3 Foundation, a pioneer in blockchain-based financial technology, has announced the launch of a testnet program for its Yellow Clearing Network, the first-ever decentralized clearing system. This initiative marks a significant step towards realising the foundation’s mission of decentralizing clearing and settlement processes to scale trading using blockchain technologies.
Founded by a team of experts in fintech, software architecture, cyber-security, and market making, Layer 3 Foundation has been at the forefront of leveraging blockchain to create innovative financial solutions. The $YELLOW token, central to Yellow Clearing Network, is a testament to the foundation’s commitment to cutting-edge technology and a decentralized future.
What to Expect in the Testnet
The program will begin with Yellowโs closed beta testnet which will go live on Duckies, Yellowโs Canary Network, which utilizes $DUCKIES as the native token.
The closed testnet will open on January 22nd, 2024, and continue till April of the same year and focus on testing key features of the trading terminal, including but not limited to:
- Opening and closing of clearing channels with counterparts;
- Off-chain market trading;
- Settlement of trades using blockchain escrow swaps;
- Deployment of broker nodes and mining liquidity;
Testnet users will play a crucial role in evaluating the trading terminal’s user experience, interface usability, Web3 signing flow, and overall system robustness. Layer 3 Foundation aims to gather valuable metrics, uncover vulnerabilities, and refine the platform for a wider audience. Applications for the closed beta can be submitted atย yellow.org/canarynet.
The company seeks blockchain-savvy individuals passionate about blockchain technology, trading, and finance. Successful candidates are expected to have a basic understanding of financial markets, experience in participating in testnets, and influence within small communities. Preference will be given to seasoned traders and technology enthusiasts who support the companyโs mission.
Yellow Clearing Network uses ClearSync, a protocol that frees traders from counterparty risk. It achieves this by verifying that all parties have sufficient collateral funding to fulfill trades. This ensures that traders do not exceed their capital limits, giving counterparties confidence that trades will be fully honored.
Future Developments and Executive Insights
Feedback from the closed testnet will be instrumental in preparing the platform for an open testnet phase and eventual general availability.
“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.” says Louis Bellet, a core contributor at Layer 3 Foundation.
Upcoming features include cross-chain settlements and enhanced security measures. The closed beta represents a critical phase in Layer 3 Foundation’s roadmap to broader adoption and token listing.
About Layer 3 Foundation
The mission of Layer-3 Foundation is to develop a state channel-powered ecosystem as a Fintech scaling standard to support the evolution of the Internet towards Web 3.0. The company stands behind Yellow Clearing Network, a peer-to-peer solution for trading, clearing, and settlement. Operating as a Layer3 that utilizes state channels, Yellow Network provides a safer way for individuals and institutions to trade. With no requirement to lock assets, thanks to safety collateral, counterparties can transact safely within a liquid and fully compliant environment.
- Learn more:ย https://www.layer3.foundation/,ย ย https://www.yellow.org/
About ClearSync Ltd.
ClearSync Ltd. is a UK-based technology research center and a developer of the ClearSync protocol, a set of automated smart contracts that allow participants to lock and unlock collateral through state channels to protect the clearing and settlement of assets.
This press release is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities.
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