Orderly Network has announced that it will wind down its NEAR instance on September 18. This decision is part of a strategic shift to focus more on EVM (Ethereum Virtual Machine) trading and to integrate new chains. It aims to maximize trading volumes in the decentralized finance (DeFi) sector. This was posted on the official X account of the company and said that it will enable the network to focus on critical areas for the future growth of the business.
Important update:Orderly Network is winding down its NEAR instance on September 18 in order to prioritize EVM trading, as well as new, soon-to-be integrated chains, for maximum DeFi trading volume.The NEAR team is aware, as are builders currently integrated with Orderly… pic.twitter.com/EMY5YPKjle
— Orderly Network (@OrderlyNetwork) September 13, 2024
Orderly Network Gives NEAR Users Details on Trade Closure and Settlement Process Ahead of Shutdown
It has been shared with the NEAR team as well as builders who are currently integrating with Orderly through NEAR. This advance notice is designed to allow the users enough time to come to terms with the directional change and plan adequately for the change that is expected to happen.
For the users who are still holding their positions in NEAR, there are certain aspects that have to be considered. All the opened trades at the time of decommissioning will be closed at the same price. The method used to establish these prices will be the mark price of the past one hour before the shutdown. This works to ensure that trades are closed in a proper way that reflects the current market price.
Orderly Network to Focus on DeFi, Users Urged to Optimize Positions Before NEAR Shutdown
Besides the information about the settlement price, the queried company referred to Orderly Network has stated that no trading fees will be charged during this type of settlement. Thirdly, there will be no funding fees by the users during the decommission period. This is to ensure that users do not experience any more expenses in making the transition through appropriate integration.
Ultimately, Orderly Network’s decision to prioritize the NEAR instance shutdown over other goals highlights its strategic focus on enhancing DeFi services. By shifting its attention to Ethereum Virtual Machine (EVM) trading and integrating new chains, the network aims to maximize trading volumes and optimize the user experience within the decentralized finance ecosystem. This move demonstrates Orderly Network’s commitment to innovation and long-term growth in the rapidly evolving blockchain landscape. As the shutdown of the NEAR instance approaches, it is essential for users to regularly monitor and optimize their positions to avoid any disruptions.
