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DeFi Exchange Platform dYdX Places Solana in “Close Only” Mode

The move comes after Solana has plummeted 40% in 24-hours due to its link with the beleaguered Sam Bankman-Fried empire.

Decentralized exchange dYdX placed Solana trades in “close only” mode, meaning users will only be able to close out their positions on the perpetuals exchange and not open new ones.

dYdX cited “market volatility” as its reason for making the move. Solana’s SOL token fell precipitously today on the news that FTX, a crypto exchange that holds a major stake in Solana, has become insolvent. SOL is currently priced at $14.10, down 40% from $24 a day ago.

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