dYdX Announces Sunset Process for V3 Platform – Key Details Inside

The Upcoming Changes on dYdX v3 Platform

In a recent announcement on the X platform, dYdX has informed its users that all trading activities, oracle price updates, and funding payments on the dYdX v3 platform will come to a halt on October 28 at 20:05 UTC+8. This is an important update for all users still engaged with the dYdX v3 platform, and it's essential for them to take the necessary actions in response to this change.

Key Points of the Announcement

• Cease of Operations: All trading functions on dYdX v3 will stop, which includes any oracle price updates and funding payments.
• Deadline: Users should note the termination date and time: October 28, 20:05 UTC+8.
• Action Required: Users are strongly encouraged to close their positions and securely withdraw USDC from the dYdX v3 smart contracts before the deadline.

Who Will Be Affected?

This update primarily affects the users of dYdX v3. However, users who engage with the dYdX Chain, dydx.trade, or utilize the v4 API will not experience any disruptions due to this update. This distinction is crucial for users who may operate on different platforms and need to adjust their trading strategies accordingly.

What Should Users Do?

1. Check your current positions on the dYdX v3 platform.
2. Plan your exit strategy for your open trades.
3. Withdraw any USDC holdings from the dYdX v3 smart contracts.
4. Stay informed on further updates from dYdX regarding their services.

Conclusion

The cessation of services on the dYdX v3 platform marks a significant transition for its users. It's imperative for affected users to act promptly to mitigate any potential losses and ensure the security of their assets. Stay connected with dYdX's official channels for the latest updates, and prepare for the shift towards v4 or other platforms that remain operational.

Related Links

• Explore dYdX v4 - for users looking to transition.
• Read more from Odaily - for the latest news and updates on crypto developments.