DeFi platform dYdX restricts Solana operations

DeFi platform dYdX restricts Solana operations

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by dapp_writer005

4 years ago

The developers of the dYdX platform announced a temporary ban on placing deposits in SOL, due to the fact that cryptocurrency quotes depend on the FTX exchange, which is experiencing a liquidity crisis.

We will transfer SOL-USD to close. At the moment, it is not possible to open new positions.

The news of the insolvency of the FTX exchange (which owns the majority of Solana) hit the SOL cryptocurrency, it went down in price. Within hours, the price of SOL dropped by 40%, from $24 to $14.2. Although the dYdX platform allowed clients to close positions, the news that deposits could not be created to protect clients caused great excitement in the community.

Most investors believe that this decentralized platform does not need to limit the activity of its customers. dYdX uses the code to work. CoinMarketCap has released data showing that dYdX has made $3 billion worth of transactions in the last 24 hours. Thus, it became the largest DeFi exchange in terms of daily trading volume.

dYdX is not the only trading platform that has suspended all Solana trading due to high volatility and price collapse. CEX exchange Crypto.com has temporarily suspended deposits and withdrawals of Solana-based stablecoins. Prior to this, the platform announced that the FTX situation would not affect clients' assets.

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