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Exploring Strategic Alternatives for v3

Background:

As a reminder, the dYdX v3 exchange has an offshore matching engine supported by dYdX Trading. All funds and settlement on v3 occur on smart contracts controlled by tokenholder governance. Trading fees on v3 accrue to dYdX Trading.

By contrast, dYdX Chain is fully decentralized. All of the trading fees paid on dYdX Chain accrue to validators and DYDX stakers. All dYdX Chain code is open source.

What are we doing?

dYdX Trading is exploring strategic alternatives related to the v3 technology, which does not include the Ethereum smart contract or other technology governed by the utility token. Token holders would, of course, have to vote to approve any changes to the smart contracts that underly v3.

Why are we doing this?

dYdX Trading is all in on dYdX Chain. While v3 has been successful, we believe dYdX Chain better represents the vision of dYdX Trading Inc. and the ethos of DeFi, and we will be dedicating ourselves to the development of this software.

Considering strategic alternatives for the v3 technology is a way to clarify our focus to allow us to make dYdX Chain software as successful as possible.

What’s next?

We have some incredible things in store for the dYdX Chain software. Novel new liquidity mechanisms including an integration with our friends at Elixir, permissionless market listings, and new ways to trade, all coming in the next few months.

Check out our product roadmap here.

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dYdX

January 24, 2025
Last Update:
July 23, 2024

Disclaimer

© 2025 dYdX International Ltd. All rights reserved.

‍dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other Restricted Persons. All use of dYdX software is subject to the dYdX Software Terms of Use. 

dYdX International Ltd ("DI"), dYdX Trading Inc. dba dYdX Labs (“dYdX Labs”) and their affiliates do not develop, control or participate in the operation of any component of the dYdX protocol for public use.

To the extent this content describes anticipated features in the open source dYdX software, the implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community. 

The information provided herein is for general informational purposes only, and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.

Engaging in any activity involving crypto-assets (including staking, trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. The inclusion of any launchable market on dYdX does not represent endorsement of the projects and all listings are community-driven. You should perform your own research and due diligence before engaging in any activity involving crypto-assets. In no event will DI, dYdX Labs or their affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this content. By continuing to access this content, you agree to the above and accept the possibility of changes in the information provided.

About dYdX

At dYdX, we’re reimagining what DeFi and perpetual trading can be. Combining the freedom of decentralization with deep liquidity, advanced order types, a high-performance API, and instant market listings, dYdX empowers you to trade boldly and confidently.

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dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other Restricted Persons. All use of dYdX software is subject to the dYdX Software Terms of Use.‍

‍dYdX International Ltd ("DI"), dYdX Trading Inc. dba dYdX Labs (“dYdX Labs”) and their affiliates do not develop, control or participate in the operation of any component of the dYdX protocol for public use.‍

‍To the extent this content describes anticipated features in the open source dYdX software, the implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community.‍

‍The information provided herein is for general informational purposes only, and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.

‍‍Engaging in any activity involving crypto-assets (including staking, trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. The inclusion of any launchable market on dYdX does not represent endorsement of the projects and all listings are community-driven. You should perform your own research and due diligence before engaging in any activity involving crypto-assets. In no event will DI, dYdX Labs or their affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this content. By continuing to access this content, you agree to the above and accept the possibility of changes in the information provided.

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By clicking ‘Continue’, you will be leaving https://www.dydx.xyz/ and accessing a website made available by a third party using dYdX v4 open-source software that is independent from and unaffiliated with dYdX International Ltd (“DI”). DI does not deploy or run dYdX v4 open-source software for public use, nor does it operate or control any or all parts of the infrastructure. DI is not responsible for any actions taken by independent third parties or for any codes, materials and contents on any third-party websites, including the one you would access by clicking ‘Continue’.

DI’s contents and services are not available to persons who are residents of, are located or incorporated in, or have a registered office in the U.S., Canada or any Restricted Persons as set out in the dYdX v4 open-source software Terms of Use, accessible here.  More details can be found in our Terms of Use. Learn more about dYdX v4 third-party front end options here.

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