Decentralized exchange platform, dYdX, has announced that it will be winding down user access from Canada due to regulatory reasons. The move is expected to be implemented on April 7th, 2023 at 17:00 UTC, after which new users located in Canada will no longer be allowed to onboard to the exchange. However, existing Canadian users will be given ample time to manage and close their positions on dYdX.

According to the announcement, existing users will still be able to execute trades on the platform for one week, until April 14th, 2023 at 17:00 UTC. After this time, all existing users in Canada will be moved to close-only mode, and they will be able to withdraw their funds from the protocol at any time.

The announcement states that dYdX regrets any inconvenience caused by this restriction, but it is necessary due to the current regulatory climate in Canada. The platform hopes that the regulatory landscape in Canada will change in the future, allowing them to resume services in the country.

dYdX is committed to providing transparency around its product decisions and democratizing access to financial opportunities. The platform currently runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. dYdX combines the security and transparency of a decentralized exchange with the speed and usability of a centralized exchange.

The platform has advised its users to follow their blog and join them on Discord and Twitter for the latest updates regarding dYdX. This announcement is subject to their Terms of Use.

The move by dYdX is the latest in a series of regulatory crackdowns on cryptocurrency-related activities in Canada. The country’s securities regulator has been taking steps to protect investors from fraud and illegal activities in the crypto space. Despite these challenges, the industry remains optimistic that regulatory clarity will ultimately benefit the growth of the crypto sector in Canada.

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This article was republished from azcoinnews.com

In the world of decentralized exchanges (DEX), the shift to Cosmos has become a trend, as dYdX, a leading DEX platform, announces its plan to leave Ethereum due to slow transaction speeds.

dYdX will launch a private testnet on March 28th and test it for 2-3 weeks. The project will then move on to a public testnet in late July, with the goal of running entirely on Cosmos by the end of September.

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According to Natha Cha, head of marketing at dYdX, the main reason for the move is that Ethereum can no longer meet the platform’s scaling needs. “We have reached the point where Ethereum can no longer process transactions fast enough,” he said.

This is the second project to announce a move from Ethereum to Cosmos, with SushiSwap, a decentralized exchange, also taking similar action after acquiring the Vortex Protocol trading platform on Cosmos last month.

Developers considered various network solutions, including Solana and Layer 2 solutions, before deciding that Cosmos was the best option. “We came to the conclusion that Cosmos is a better choice because we can customize the blockchain to our needs. Now we can process transactions faster,” said Cha.

The Cosmos network allows developers to create their blockchain through the Cosmos Software Development Kit (SDK). Although each blockchain on Cosmos is different, they are all part of the same ecosystem and can interact with each other.

The move to Cosmos highlights the challenges of the Ethereum network’s transaction speed, which has become an issue for many DeFi platforms that have gained popularity recently. dYdX’s shift to Cosmos signals a new chapter in the world of DEX, as developers seek out more efficient solutions to overcome network limitations.

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This article was republish from azcoinnews.com