Support for the EthdyDX-DYDX bridge (hereinafter referred to as the “bridge”) and the ability to transfer EthdyDX from Ethereum to Dydx in the Dydx Chain will be completed on June 9, 2025. This will happen after a community decision. Everyone who owns EthdyDX and does not use the “bridge” before this date will lose the opportunity to exchange EthdyDX tokens for Dydx.
Dydx Trading, Inc. Closed Dydx V3 on October 28, 2024, which significantly reduced the value of the EthdyDX token. When the support of the “bridge” on the Dydx Chain network will stop, EthdyDX can become useless and depreciate.
Dydx Chain is a blockchain with delegated evidence of a share built on the basis of Cosmos SDK. This network Dydx is used as a first -level token (L1) and performs three main functions:
- Stayking: Validators in the active set received about $ 45 million USDC in the form of consumer rewards, which are distributed between more than 17 thousand Dydx Chain stakers.
- Safety: about 270 million DYDX are pissed off in validators to ensure the safety of the Dydx Chain network.
- Control: Dydx staying allows holders to participate in Dydx management.
Since the launch of Dydx Chain, about 94% EthdyDX has been transferred to Dydx in the Dydx Chain network.
Most large centralized exchanges have already transferred their EthdyDX reserves and now support Dydx. The Dydx Foundation published a step -by -step guide for the use of the “bridge” here.
The bridge over the WethdyDX smart contract offers a safe and automated method of converting EthdyDX tokens to Ethereum into Dydx tokens in the Dydx Chain network.
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Source: Cryptocurrency
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