dYdX Trading has announced that it will shut down its v3 platform starting October 28, 2024. This decision affects only users of dYdX v3. On the other hand, users of dYdX Chain, dydx.trade, and the v4 API will not be impacted.

dYdX Trading to Halt v3 Operations, Enhancing Features in v4

Launched in 2017, dYdX Trading specializes in perpetual markets trading and has evolved each version of it constantly. The v3 has specifically been used in over $1 trillion worth of trading and is a reference platform for other projects within the Ethereum network. In the year 2023, dYdX Chain (v4) unveiled some new features that enhanced the speed of the transactions, no limit to the number of markets that could be listed, and the real-decentralized dYdX. With over $220 billion in trading volume already on dYdX Chain, the company is preparing for its next major launch.

In order to shed more light on these new products, dYdX Trading will be discontinuing the support for v3. The event message also calls on users to begin preparing to exit their positions and redeem their USDC from v3 before the planned shutdown. Trading on v3 will continue normally until October 28, 2024. However, all trading, price updates, and funding payments will cease at 12:05 PM UTC that day.

User Funds Are Safe on Ethereum Smart Contract

As earlier stated, the exchange at the v3 level will be put on hold through the smart contract on October 30. This means that users can cash out their USDC and the total value of the accounts will be the amount that will be reflected at the time of cash-out no trading or liquidation fees. But customers are going to be charged gas fees when they are withdrawing their fund.

Notably, dYdX Trading does not manage or store users’ funds; users’ accounts and assets are saved on Ethereum smart contract. However, the users will be able to use API to retrieve historical data, up to a year after the v3 shutdown.

As for the future, dYdX Trading plans to build on its status as a top DeFi platform with the upcoming dYdX Unlimited, offering the optimal trading in the world of web3.