dYdX Trading Inc. has announced that its v3 platform will be shut down on October 28, 2024. This information was shared via the company’s official X account. Users of dYdX Chain, dydx.trade, and the v4 API will remain unaffected by this transition.
Support for dYdX v3 to End as Company Prioritizes Future Growth
Since its inception in 2017, dYdX has become one of the most dominant players in the perpetual trading market investment sector, always on the forefront to champion new ideas. The trading volume that the v3 platform has captured exceeds $1 trillion; such success makes it an excellent reference for other projects based on Ethereum. The dYdX Chain (v4) launch in 2023 shows how the company has been committed to creating innovative technology. The trading volume of dYdX Chain has already been over $220 billion, indicating the company’s potential for further growth.
With the preparations for the launch of dYdX Unlimited in the same year, all efforts at dYdX Trading will be aimed at this project, and, as such, support for v3 will no longer be possible. The said adjustment is part of the firm’s strategy to build a stronger and continually reinvigorated trading platform.
The following changes will be implemented, especially for the users of dYdX v3. Owners and users of dYdX Chain, dydx.trade, and v4 API should consider themselves to have uninterrupted service availability. Until sunset, trading on v3 will remain active, focusing on planning the closeout of positions and extraction of USDC from the platform.
Historical Data to Remain Accessible via API for One Year After Shutdown
On October 28, 2024, all trading, oracle-price updates, and funding payments will cease at 12:05 P.M. UTC. Then, the Ethereum smart contract will set the L2 exchange as “frozen” on October 30th. At this stage, users can withdraw the total USDC value of the accounts and the worth of open positions priced at Oracle prices when trading is suspended. There will be no trading or liquidation fees during this period, and no charges will be made for this promotion but a charge of gas fee for Ethereum transactions.
Notably, dYdX Trading does not hold user funds. All balances are held in the Ethereum smart contract, and users can withdraw their USDC independently.
Furthermore, dYdX Trading wants to make history data available only for downloading through API at least one year after the stoppage. In case of any appearance of liquidity concerns, then the sunset date may be adjusted to fit the specific situation.
In the future, dYdX firmly believes that optimizing the development of dYdX Chain would further consolidate its status in the DeFi industry. In the near future, the dYdX Unlimited will be released to offer unconventional trading on the platform in the scope of the Web3 world and thus is becoming the next big step for the given platform.
