Paris, France, December 20th, 2023, Chainwire

Layer 3 Foundation, a pioneer in blockchain-based financial technology, has launched a testnet program for its Yellow Clearing Network, the first-ever decentralized clearing system. This initiative marks a significant step towards realizing 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 Yellow's closed beta testnet, which will go live on Duckies, Yellow's 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 be crucial 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 at 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 participating in testnets, and influence within small communities. Preference will be given to seasoned traders and technology enthusiasts who support the company's mission. 

Yellow Clearing Network uses ClearSync, a protocol that frees traders from counterparty risk. It verifies that all parties have sufficient collateral funding to fulfill trades. This ensures 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 broader adoption and token listing roadmap.

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 trading, clearing, and settlement solution. Operating as a Layer3 that utilizes state channels, Yellow Network provides a safer way for individuals and institutions to trade. Thanks to safety collateral, counterparties can transact safely within a liquid and fully compliant environment without requiring to lock assets. 

Learn more about Yellow Clearing Network at: https://www.layer3.foundation/,  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.

Contact

Head of Biz Dev & Marketing, Anastasiia Bobeshko, [email protected]