dYdX Is Completing One of the Largest Migrations in Crypto

Support for the ethDYDX-DYDX bridge (the “Bridge”) and the ability to migrate ethDYDX from Ethereum to DYDX on the dYdX Chain is expected to end on June 9, 2025 as a consequence of a community governance proposal. If you hold ethDYDX and don’t interact with the Bridge before then, you may permanently lose the ability to convert your ethDYDX tokens to DYDX.

dYdX Trading, Inc. shut down dYdX v3 on October 28, 2024, significantly reducing the utility of the ethDYDX token. It is therefore likely that ethDYDX could be rendered useless and, potentially, valueless as a consequence of the cessation of support of the Bridge on the dYdX Chain. 

dYdX Chain, a delegated proof-of-stake blockchain network built using the Cosmos SDK, leverages DYDX as its L1 token. DYDX serves three core functions within the network:

• Staking: As a result of staking to Validators in the active set, approximately 45M USDC in protocol fees have been distributed to date as staking rewards to more than 17K dYdX Chain Stakers. 
• Security: Approximately 270M DYDX have been staked to validators in the active set to secure the dYdX Chain.
• Governance: staking DYDX enables holders to participate in dYdX governance. 

Since the launch of dYdX Chain, ~94% of ethDYDX has been migrated to DYDX on the dYdX Chain. 

Most major centralized exchanges have migrated their ethDYDX holdings and are currently supporting DYDX. The dYdX Foundation has published a step-by-step guide on how to interact with the Bridge here. 

The Bridge, through the wethDYDX Smart Contract, enables a permissionless and autonomous one-way bridge for converting ethDYDX tokens on Ethereum into DYDX tokens on the dYdX Chain.