dYdX V3 Platform Will Be Discontinued From October 28

Key Points:

• dYdX Trading will shut down the dYdX v3 platform on October 28, 2024, to make way for the new “dYdX Unlimited” platform launching this fall.
• The transition follows the successful v4 chain, which has accumulated over $220 billion in trading volume since 2023, with no impact on dYdX Chain users or the v4 API.

dYdX Trading plans to shut down the dYdX v3 platform on October 28, 2024.

Read more: dYdX Chain Upgrade Brings Novel Features And Enhanced Security

dYdX Trading to Sunset dYdX v3 Platform for “Unlimited” Upgrade

The move comes as part of the firm’s strategy to move towards what was called “dYdX Unlimited,” expected this fall.

The firm said that the deactivation is in tandem with its vision for “truly unlimited” decentralized trading. The move follows a successful mainnet launch of the v4 chain back in 2023 that has since seen more than $220 billion in trading volume. Users on the dYdX Chain, on the company website, and those on the v4 API will not be impacted by the deactivation of the v3 platform.

dYdX v3 Platform Potentially Being Sold

The dYdX v3 platform, which had massive venture capital behind it from firms like Andreessen Horowitz and Paradigm, was extremely popular among investors due to the high liquidity and low slippage on larger trades.

A report by VanEck in March 2023 assumed the platform raked in $137 million in fees at the end of 2022. Its operator has decided to retire the platform for its more advanced successor anyway.

In July, reports claimed that dYdX Trading was considering selling the decentralized exchange platform. Some of the potential buyers include Wintermute Trading and Selini Capital, with Perella Weinberg Partners advising dYdX Trading on the potential deal.