Layer3 P2P Clearing Network Yellow Launches Incentivized Testnet

cryptonews.com:

Peer-to-peer Layer3 Yellow Network has announced it is launching a beta version of its testnet, along with an exclusive incentive program. Yellow will carry out a selection program to identify testers eligible to participate in network activities in return for rewards. Following this closed beta, Yellow will launch an open testnet prior to implementing the mainnet version of its counterparty settlement network.

Yellow Network was conceived to pave the way for institutional adoption of digital assets, providing the blockchain infrastructure for finance but solving the legacy challenges of digital asset transactions, such as counterparty risk, fragmented liquidity, and poor user experience. As a Layer3 network, it uses off-chain state channels to facilitate order book trading, clearing, settlement, and compliance activities on a single platform. The protocol connects to multiple exchanges to share liquidity and has connection points to major blockchains for cross-chain collateral and settlements. Yellow is also non-custodial, with user funds held in secure multi-signature contracts and wallets.

Since trading on Yellow takes place off the main chain, the platform makes use of ClearSync, a protocol that verifies each party has sufficient capital to fulfill their trades, ensuring zero counterparty risk for traders. By offering an all-in-one, purpose-built protocol for trading, Yellow aims to create a transparent financial system that combines the most appealing elements of DeFi and TradFi.

The beta testnet will launch on Duckies, Yellow’s canary network for live test deployments, which promote rapid experimental innovation. The project has extended an invitation to testers and will begin appraising submissions from December 13.