dYdX Considers Selling V3 Tech to Focus on dYdX Chain Development

On Tuesday, Bloomberg reported rumors that the teams of dYdX could separate from “some of its derivatives trading software.”

dYdX is reportedly considering selling some of its V3 technologies

On Tuesday, Bloomberg reported rumors that the teams of dYdX could separate from “some of its derivatives trading software».

In this case, it is the V3 of the decentralized futures trading exchange that would be concerned. According to sources close to the case who have remained anonymous, 2 names would participate in the discussions: Wintermute and Selini Capital.

A few hours after the article was published, dYdX Trading has almost confirmed this rumor by means of a press release, while remaining sufficiently evasive so as not to reveal too much before the conclusion of a possible agreement:

A message from dYdX Trading Inc. pic.twitter.com/i8jrCfkvge

— dYdX (@dYdX) July 23, 2024

Thus, some “Alternative Strategic Explorations Regarding V3 Technology” are indeed on the agenda. The funds that could result from a potential sale would then make it possible to promote the developments of dYdX Chain :

dYdX Trading is fully committed to dYdX Chain. While v3 was a success, we believe dYdX Chain better represents dYdX Trading Inc.’s vision and the ethos of DeFi, and we will dedicate ourselves to developing this software. Considering strategic alternatives for v3 technology is a way to clarify our focus to enable us to make dYdX Chain software as powerful as possible.

However, dYdX clarifies that these discussions do not include the smart contract present on Ethereum (ETH) and that a modification of it should be submitted for approval by DYDX token stakers.

For its part, the DYDX is trading at $1.34 per unit, down 1.7% over 24 hours.

Tuesday, the website of this same V3 encountered a problemwith dYdX teams indicating that it had been compromised, posing a risk of loss of funds. The situation has since returned to normal.

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Sources: Bloomberg, dYdX

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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.

Vincent Maire

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