Binance has announced that it will end support for deposits and withdrawals of DYDX tokens via the Ethereum (ERC20) network.
According to the announcement, support for the DYDX token will end on February 12, 2025 at 02:00 UTC. After this date, all DYDX deposits made via the ERC20 network will no longer be credited to user accounts, potentially resulting in loss of assets. Users can still deposit and withdraw DYDX tokens via other Binance supported networks.
The announcement has raised concerns among investors about the market stability and liquidity of the DYDX token.
Following the news, the price of the token fell 2% and traded at $1.48, with a market cap of $1 billion. The 24-hour trading volume for DYDX was $37 million, while the low and high prices over the same period were $1,447 and $1,558, respectively.
Binance’s move is part of its ongoing efforts to optimize supported networks and…
