DeXit Prepared to Provide the Ideal Environment for Smart Contracts and Decentralized Applications
DeXit Network announced the completion and debut of DeXit’s TestNet blockchain network. The release of TestNet represents a significant milestone for DeXit, as now smart contract and application development can begin on the blockchain in advance of the release of their DevNet formal development blockchain and production MainNet blockchain networks, scheduled for release in July of 2022. Following testing and validation of TestNet, DevNet will be released, followed soon after that by MainNet. In addition, the development of the future DeXit Network decentralized exchange will begin in 2022 as well. The exchange will reside on and fuel the MainNet blockchain.
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According to Tej Bhandari, (Dexit initiator), “The release of TestNet is an exciting accomplishment for DeXit Network, its community, token holders, and investors. DeXit plans on bringing a revolution to the realm of decentralized exchanges with significantly lower transaction fees and cross-chain transactions without sacrificing speed and security.” Regarding past achievements and the future for DeXit, Bhandari went on to say, “In 2021, we hit all of our project milestones on time, and it was an ambitious year. 2022 will be even more ambitious with the release and go-live of MainNet, the development of our decentralized exchange, and several other projects, such as website revamping, logo rebranding, and an aggressive marketing campaign. With our incredible team, developers, and enthusiastic community, we see no reason why we won’t hit every ambitious milestone again in 2022.”
DeXit (DXT), a deflationary crypto-token, features unique mechanisms to control supply. That control results in a compounding variable APR altered by governance and supply with controllable burn per burn fees. DeXit’s creation of their MainNet blockchain and decentralized exchange using their planned external wallet will result in intuitive, cross-chain exchange and trading featuring significantly cheaper gas (transaction) fees than existing protocols such as Ethereum, Binance, etc. In addition, the DeXit blockchains will provide up to six streams of residual income via staking, yield farming, and the redistribution of trading/swap and transaction fees.
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DeXit Chain will offer programmability and interoperability to the EVM compatible Chain and feature compatibility with all existing Ethereum and Binance smart contracts and many other EVM chains. Developers can use all current Ethereum tooling on the DeXit Chain. The result of these compatibility features is decentralized application (Dapp) development within numerous verticals such as DeFi, NFT’s, and gaming while offering developers up to 50% of the gas fees on the protocol level, incentivizing developers to remain on the DeXit Chain long term. Enabling developers who build applications on the DeXit Chanin to receive reimbursements of transaction fees will be a revolutionary offer and a policy not found in other blockchain networks.
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