The post dYdX v3 Sunset: Trading, Oracle Updates, and Funding to Stop on October 28 appeared on BitcoinEthereumNews.com.

In a major development for the decentralized finance (DeFi) ecosystem, dYdX, a prominent DeFi exchange, announced via X that it will be sunsetting its version 3 (v3) platform. All trading activities, oracle price updates, and funding payments will cease on October 28, 2024, at 12:05 UTC. Users are urged to withdraw their funds before this deadline, as any remaining assets will be securely stored in Ethereum smart contracts. Introduction to dYdX What is dYdX? dYdX is a leading decentralized exchange (DEX) that offers perpetual contracts, margin trading, and spot trading for various cryptocurrencies. Renowned for its advanced trading features and decentralized governance, dYdX has played a pivotal role in the growth and maturation of the DeFi space. By enabling users to trade directly from their wallets without intermediaries, dYdX emphasizes security, transparency, and user autonomy. Details of the v3 Sunset What is the v3 Platform? The v3 platform of dYdX introduced several enhancements over its predecessors, including improved trading interfaces, better liquidity management, and more efficient smart contract integrations. It aimed to provide traders with a seamless and robust trading experience, leveraging the capabilities of the Ethereum blockchain. What Does the Sunset Entail? The v3 sunset involves the complete cessation of the following activities: Trading: All buy and sell orders on the v3 platform will be halted. Oracle Price Updates: The system will stop fetching and updating real-time price data from oracles. Funding Payments: Regular funding rate payments between long and short positions will cease. Deadline for Migration Users must withdraw their funds by October 28, 2024, at 12:05 UTC. Post this deadline, any remaining assets will be held securely in Ethereum smart contracts, ensuring that users can still access their funds but cannot engage in any trading activities on the v3 platform. Reasons Behind the v3 Sunset Transition to…

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Filed under: News - @ October 23, 2024 3:24 pm