The dYdX Foundation has announced the launch of its mainnet and the deployment of a new Bridge User Interface (UI) for token conversion. The Bridge UI is available to the public and allows users to transfer DYDX tokens from the Ethereum network to the dYdX Chain, expanding the token's utility. <br>

dYdX Foundation has launched a public bridge user interface on bridge.dydx.trade. Users can bridge ethDYDX tokens from Ethereum to dYdX Chain, allowing them to participate in staking to protect network security and governance on dYdX Chain.

dYdX Foundation has announced that there will be a large-scale internal movement of locked ethDYDX tokens held by investors and team members in the coming days. Locked tokens can be bridged from the Ethereum network to the dYdX Chain. The dYdX Foundation will continue to track the wallet addresses of locked token holders to determine if there are any transfers that violate legal agreements and will take legal action against locked token holders who do not meet requirements. The dYdX Foundation stated that wethDYDX and/or dYdX-Chain DYDX tokens received in exchange for locked ethDYDX tokens will continue to be subject to the same transfer restrictions and release schedule. Like the current locked ethDYDX tokens, locked wethDYDX tokens and locked dYdX-Chain DYDX tokens can also be bridged to other chains for voting or delegation purposes and/or staked to validators where applicable. Previously, dYdX Chain officially launched on the mainnet as an independent Cosmos Layer1. Validators created the genesis block of dYdX Chain on October 27 at 1:00 am. The dYdX Operations subDAO public bridging frontend is expected to launch on October 30. The post-genesis stages include Alpha and Beta, with the Alpha stage (expected to start on October 30) focusing on bridging, staking, and security, and the Beta stage supporting trading but without rewards. The transition from Alpha to Beta will be determined by governance voting and other factors.

dYdX Foundation has announced that there will be significant internal changes to the locked ethDYDX tokens held by investors and team members in the coming days. Locked tokens can be bridged from Ethereum to another blockchain, including the dYdX Chain, which will be reflected as transfers on both Ethereum and dYdX Chain. The foundation stated that these tokens are still locked and will not be sold, and any wethDYDX and/or dYdX-Chain DYDX tokens received in exchange for locked ethDYDX tokens will continue to be subject to the same transfer restrictions and release schedule. Like the current locked ethDYDX tokens, locked wethDYDX tokens and locked dYdX-Chain DYDX tokens can also be bridged to another blockchain for voting or delegation purposes and/or staked to validators (if applicable).

dYdX V4 and its independent Cosmos blockchain have launched the alpha mainnet phase. DYdX Chain, as an independent Cosmos Layer 1, has officially launched on the mainnet. As of 1:00 PM Eastern Time, dYdX Chain validators have created the genesis block of dYdX Chain.

dYdX CEO Antonio posted on X platform stating, "If I decide to resign from the position of CEO of dYdX, please do not congratulate me. Change is difficult, but it is not important in itself. What is most important is what I have built, abandoned, persisted in, and what I will do next." At the same time, Antonio expressed respect for Fred Ehrsam, former co-founder of Coinbase and current co-founder of Paradigm. Earlier reports stated that Fred Ehrsam will resign from his position as managing partner and stay with the company as a general partner, but will reduce his involvement in daily operations.

According to on-chain analyst Yu Jin, whales/institutions who previously purchased BLUR and DYDX from Amber and Copper transferred 2 million BLUR (worth $400,000) to Coinbase at a price of $0.2 per coin after BLUR's rise on October 19. In the last two days (10/23-25), they transferred 1.5 million DYDX (worth $3.22 million) from an Amber address to Binance at a price of $2.15 per coin.

On October 24th, dYdX founder Antonio Juliano posted on X platform that dYdX Chain V1.0 has been officially released, taking a step towards complete decentralization. Previously, dYdX announced that it is open-sourcing its code, marking the beginning of the V4 upgrade and the transition from the Ethereum Layer 2 network to an independent blockchain within the Cosmos ecosystem.

DEX dYdX announced on Tuesday that it will open source its code and launch the v4 upgrade. The developer, dYdX Trading Inc., stated that the v4 upgrade will make the exchange completely decentralized and community-operated, meaning that the company will no longer control the protocol or charge transaction fees. After the v4 is launched on the mainnet, changes to the stack will be governed by community voting through the dYdX Foundation.

Lookonchain has monitored that a whale deposited 1 million DYDX (2.1 million USD) into Binance 20 minutes ago and may be selling it. Since April 4th, this whale has accumulated 4.95 million DYDX (10.3 million USD) through multiple addresses from Binance, and currently has 3.95 million DYDX (8.2 million USD) left in their wallet.