A Cryptocurrency Platform Announces the Shutdown of a Widely Used Feature: Users Need to Withdraw Assets

Decentralized derivatives trading platform dYdX has announced plans to shut down its v3 platform on October 28, 2024.

The platform, which has reached over $1 trillion in trading volume, will continue to operate normally until the close, giving users time to close their positions and withdraw their USDC funds.

According to the announcement, users are urged to close their trades and withdraw their USDC holdings as soon as possible. Users will also be able to withdraw all USDC balances, including open positions, directly from the Ethereum smart contract after October 30. dYdX assured its users that their funds are safe and can be withdrawn indefinitely via smart contracts.

The shutdown will only affect users of v3, while the newer dYdX Chain (v4) and other services will continue as usual. dYdX said it will focus its resources on the development of the Unlimited version, which will be released this fall. The upcoming version is expected to offer features that v3 did not, including unlimited market listings, faster transaction times, and greater decentralization.

On the official blog of dYdX, it was emphasized that the expiration of v3 does not affect the functionality of the governance token.

dYdX Chain (v4) was originally set to be released in 2023. With the transition to dYdX Chain, the platform aims to offer advanced features that the v3 platform could not offer, such as faster transaction times and a fully decentralized application chain.

*This is not investment advice.