dYdX Announces Closure of V3 Version by October 2024

Closure Announcement of dYdX v3: What You Need to Know

Odaily has reported significant news in the decentralized trading sphere: the dYdX decentralized derivatives trading platform is set to close its v3 version on October 28, 2024, at 20:05 (UTC+8). This announcement has raised questions among users and traders about the implications and next steps.

Key Details of the Closure

While the v3 exchange will continue to function normally until its closure, dYdX urges users to close their positions and withdraw USDC as soon as possible. Here’s what users should be aware of:

• Closure Date: October 28, 2024
• Final Withdrawals: After October 30, 2024, users can withdraw the full value of their accounts.
• Open Positions: Users can withdraw funds from any open positions via the Ethereum smart contract.

Safety of User Funds

dYdX has reassured its user base that all funds will remain safe throughout this transition. Users are guaranteed that they can withdraw funds indefinitely from the smart contract, ensuring peace of mind during this period of change.

Impact on Other Platforms

This closure specifically targets v3 users. Other versions of the platform, including the highly anticipated dYdX Chain (v4), will remain unaffected. This allows for a smooth continuation of services for traders using different versions.

Focus on Future Development

In light of the v3 closure, dYdX has announced their intention to concentrate resources on the Unlimited version, which is slated for release this fall. This marks a strategic pivot for the platform, aiming to enhance its offerings and address user needs in the evolving derivatives market.

Conclusion

The upcoming closure of dYdX’s v3 version signals a critical transition in the platform’s development and focus. Users are urged to prepare accordingly, ensuring they withdraw their funds and close positions before the final shutdown date. Keep an eye on dYdX as they navigate this change and work towards their upcoming innovations in the trading landscape.