|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
dYdX Trading Inc. Plans to Discontinue the dYdX v3 Platform by the End of October
Sep 28, 2024 at 05:04 am
The transition will pave the way for the launch of dYdX Unlimited this fall. The sunset of the v3 platform will primarily affect users of dYdX v3.
dYdX Trading Inc. (operating as dYdX), a centralized exchange known for its perpetual markets, will discontinue the dYdX v3 platform by the end of October.
According to a recent post on X, the transition will pave the way for the highly anticipated launch of dYdX Unlimited this fall. While the sunset of the v3 platform will primarily affect users of that specific version, it's worth noting that users of dYdX Chain, dydx.trade, or the v4 API will remain largely unaffected.
As part of the transition, dYdX users are strongly urged to withdraw their USDC holdings before the specified date. This deactivation is said to be in line with dYdX's goal of achieving “truly unlimited” decentralized trading.
The move comes after the successful mainnet launch of the v4 chain in 2023, which saw more than $220 billion in trade volume being generated on the platform.
From now until the mentioned date, the dYdX v3 platform will continue operating normally, allowing for uninterrupted trading throughout the transition period. However, users are advised to begin planning to wind down their positions and proceed to withdraw their USDC from the platform.
Trading, oracle-price updates, and funding payments are scheduled to cease on October 28 at 12:05 P.M. UTC. Notably, two days after the dYdX v3 platform is shut down, the Ethereum smart contract will automatically register the L2 exchange as “frozen.”
This action will enable users to withdraw the full USDC value of their accounts without incurring any trading or liquidation fees, except for the gas fees associated with Ethereum transactions.
In a clear statement that reflects dYdX Trading's commitment to user control and liquidity, the company emphasizes the following:
We at dYdX will never custody your funds or be able to prevent you from withdrawing.
All user accounts and their funds are held securely within the Ethereum smart contract system so that users can withdraw their USDC without depending on dYdX or any other third-party entity.
Moreover, dYdX intends to keep access to read-only historical data through API for a minimum of one year after the shutdown date to ensure that users can still view past trading details as needed.
The dYdX v3 platform, which received significant start-up money from organizations such as Andreessen Horowitz and Paradigm, quickly gained popularity among investors thanks to its high liquidity and reduced slippage on larger trades.
According to projections made by VanEck in March 2023, the platform is said to have generated an impressive $137 million in fees by the end of 2022. Interestingly, the company that operates dYdX had already decided to retire the platform in favor of a more modern successor.
In related news, speculations emerged in July regarding the possibility of dYdX Trading selling its decentralized exchange platform. Among the potential bidders in this transaction are Wintermute Trading and Selini Capital, while Perella Weinberg Partners is advising dYdX Trading on the matter.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Rollblock (RBLK) – The GambleFi Altcoin That's Attracting the Big Guns
- Sep 28, 2024 at 04:15 pm
- As institutional money enters the crypto market, the industry naturally has to evolve; grow up as it were. GameFi altcoin, Rollblock (RBLK), is a new
-
- Binance Coin (BNB) Approaches Key Support Level, Lower High Defines Crucial Resistance Target of $300
- Sep 28, 2024 at 04:15 pm
- Binance Coin (BNB) has found itself under significant selling pressure, and the technical outlook suggests that the price may slide to the $300 level.
-
- SEC Will Likely Appeal 2023 Ruling on Ripple's XRP Sales, Speculate Former Agency Attorneys
- Sep 28, 2024 at 04:15 pm
- It is widely speculated that the U.S. Securities and Exchange Commission (SEC) will appeal the 2023 ruling on Ripple's XRP sales.
-
- Spot Bitcoin ETF Market Heats Up as Institutional Demand Skyrockets, BlackRock Leads the Charge
- Sep 28, 2024 at 04:15 pm
- The U.S. spot Bitcoin ETF market is on fire, with inflows soaring past $1 billion this week! Thanks to the Fed’s rate cuts, institutional demand for Bitcoin skyrockets, and BlackRock is leading the charge.
-
- PEPE’s Performance
- Sep 28, 2024 at 04:15 pm
- Pepe (PEPE) made an explosive rebound to a price not seen since the end of August on the way to the weekend.
-
- Ethereum (ETH) Price Analysis: ETH/BTC Pair Drops Below 0.04, Signaling a Potential Bottom May Be Near, Says Analyst Benjamin Cowen
- Sep 28, 2024 at 04:15 pm
- October historically favors Ethereum, presenting possible buying opportunities for investors. Ethereum faces key resistance at $2,702; buyers eye a breakout or decline.
-
- Stacks (STX) and Dogwifhat (WIF) Prices Break Out, Uptrend Expected—But There's a Catch
- Sep 28, 2024 at 04:15 pm
- In their latest newsletter, the analytics firm Rekt Capital provided an insightful analysis of the recent movements in Stacks (STX) and Dogwifhat (WIF).
-
- Uptober is Here: What Does October Hold for Toncoin (TON)?
- Sep 28, 2024 at 04:15 pm
- The month of October (uptober) is just around the corner and it could be decisive for the crypto TON and its price predictions.
-
- Why Rollblock's Revenue Share Model Could Leave Dogecoin and Litecoin in the Dust
- Sep 28, 2024 at 04:15 pm
- For those seeking longer-term passive income sources, Rollblock's novel revenue sharing model is a tempting prospect.