Binance has just announced that they will stop supporting the deposit and withdrawal of DYDX tokens via the Ethereum (ERC20) network.
According to the announcement, support for the DYDX token will end starting from February 12, 2025, at 02:00 UTC. After this date, any DYDX deposits made through the ERC20 network will not be credited to user accounts, potentially leading to asset loss. Users will still be able to deposit and withdraw DYDX tokens through other networks supported by Binance.
This announcement has raised concerns among investors about the stability of the market and the liquidity of the DYDX token.
Following this news, the token price has dropped by 2%, trading at $1.48 with a market capitalization of $1 billion. The 24-hour trading volume of DYDX is $37 million, while the low and high prices during the same period are $1.447 and $1.558, respectively.
Binance's move is part of the company's ongoing efforts to optimize supported networks and streamline operations. Although this decision has sparked speculation about its potential impact on DYDX's market position, Binance has recently added support for Phala Network (PHA) and dForce (DF) tokens, leading to price increases for these assets.
The dYdX exchange remains operational, with futures trading volume at $231 million in the past 24 hours. Open interest is recorded at $202 million, with the BTC/USD pair leading the volume at $94 million, followed by ETH/USD at $46 million. Users are encouraged to monitor Binance's official updates for detailed guidance to avoid disruptions.
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