Binance has announced that it will cease support for DYDX token deposits and withdrawals via the Ethereum (ERC20) network.
As per the announcement, the DYDX token will end support starting on 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 losses. Users can still deposit and withdraw DYDX tokens through other networks supported by Binance.
The announcement has raised concerns among investors about the market stability and liquidity of the DYDX token.
Following the news, the token’s price dropped by 2%, trading at $1.48 with a market cap of $1 billion. The 24-hour trading volume for DYDX stood at $37 million, while its low and high prices during the same period were $1.447 and $1.558, respectively.
Binance’s move is part of its ongoing efforts to optimize supported networks and streamline operations. While this 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, which led to price surges for these assets.
The dYdX exchange remains active, with $231 million in futures trading volume over the past 24 hours. Open interest is recorded at $202 million, with the BTC/USD pair leading the volumes 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.
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