Binance has just announced that it will stop supporting deposits and withdrawals of DYDX tokens via the Ethereum (ERC20) network.
According to the announcement, DYDX token support will end starting February 12, 2025, at 02:00 UTC. After this date, any DYDX deposits made through ERC20 networks will not be credited to user accounts, potentially resulting in asset loss. Users can still deposit and withdraw DYDX tokens through other networks supported by Binance.
This announcement has raised concerns among investors about the market stability and liquidity of the DYDX token.
Following the news, the token price fell 2%, trading at $1.48 with a market capitalization of $1 billion. DYDX's 24-hour trading volume is $37 million, while its low and high prices over the same period were $1,447 and $1,558, respectively.
Binance’s move is part of the company’s ongoing efforts to optimize its supported networks and streamline operations. While the decision has sparked speculation about its potential impact on DYDX’s market position, Binance recently added support for Phala Network (PHA) and dForce (DF) tokens, leading to a surge in the price of these assets.
The dYdX exchange remains operational, with $231 million in futures trading volume over the past 24 hours. Open interest was recorded at $202 million, with BTC/USD leading the volume at $94 million, followed by ETH/USD at $46 million. Users are encouraged to follow Binance's official updates for detailed instructions to avoid disruptions.#Write2Earn $DYDX