dYdX (ethDYDX) price

ETHDYDX

#808

On June 22, 2022, dYdX Trading Inc.(“dYdX Trading”) announced the next iteration of the dYdX protocol - the dYdX Chain Open Source Software. The dYdX Chain is a proof-of-stake blockchain network and, as such, it requires a Layer 1 (“L1”) protocol token for staking to validators in order to secure the chain and for stakers of the L1 token to govern the network. Holders of the L1 token can use their L1 tokens to run a validator or stake their tokens to a validator in order to participate in securing and governing the network. The wethDYDX Smart Contract enabled the migration of ethDYDX from Ethereum to the dYdX Chain. On December 7, 2024, the dYdX Community voted to cease dYdX Chain support for the wethDYDX smart contract (the “Bridge”) by June, 2025. After the 6 month period, the dYdX Community has voted to effectively cease support for the Bridge on the dYdX Chain on June 13, 2025. As a result of the discontinuation of support of the wethDYDX Smart Contract on the dYdX Chain, dYdX Chain validators no longer recognize interactions with the Bridge. ethDYDX holders can no longer convert their ethDYDX tokens into DYDX on the dYdX Chain. Any ethDYDX tokens sent to the wethDYDX Smart Contract will be permanently locked and no DYDX tokens will be credited to any dYdX Chain network address. 41.7M ethDYDX remained unbridged as of the effective Bridge closure. With the dYdX v3 Product Sunset and the closure of the Bridge, unbridged ethDYDX tokens now lack any effective utility. As of the date of this post, all unbridged ethDYDX tokens are effectively removed from both the total supply and the circulating supply of the DYDX token. https://www.dydx.foundation/blog/discontinuation-of-ethdydx-bridge