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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

DYDX Tumbles 5% As Ethereum-Based DEX Wind Down Operations

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
dydx DYDXUSDT Ethereum

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Ethereum-based decentralized finance (DeFi) protocol dYdX is closing operations in Canada. According to an official announcement, users in this country will be unable to open new accounts starting today, April 7th, at 17:00 UTC.

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As a result of the announcement and following today’s trend in the crypto market, dYdX’s native token experienced a spike in selling pressure. As of this writing, the token trades at $2.4, with a 5% loss in the last 24 hours and a 7% decline in the previous two weeks.

DYDX Ethereum DYDXUSDT
DYDX’s price shows a slight decline following the wind down on its operation announcement on the daily chart. Source: DYDXUSDT Tradingview

Regulatory Climate Impacts Ethereum Protocol dYdX

Per the announcement, Canadian users cannot trade on the platform, and starting April 14th, they can only close positions. From that moment forward, users can withdraw funds anytime, but can’t open new accounts or positions. The team behind dYdX stated:

As part of the wind down process, we want to provide existing Canadian users ample time to manage and close their positions on dYdX. Therefore, existing users will be able to continue to execute trades on our platform for one week.

According to the official post, the decision was driven by the regulatory climate in Canada. The team behind the DEX announced:

As always, dYdX is committed to providing transparency around product decisions and democratizing access to financial opportunity. We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country.

In North America, regulators took hostile measures against the crypto market. In particular, the U.S. Securities and Exchange Commission (SEC) has relentlessly pursued actors in the nascent industry.

The regulators believe assets in the industry, except for Bitcoin, are securities. Thus, decentralized exchanges (DEX), DeFi, and other projects could violate their securities laws.

In 2023 alone, the SEC took action against crypto exchanges such as Kraken, Binance, and other crypto projects. The regulatory climate in North America could usher in a global crackdown on the nascent industry and its projects.

As a result, dYdX and DeFi protocols could see a negative impact on their activities. Data from Token Terminal on this DEX’s operations still records positive performance.

dYdX DYDXUSDT Ethereum ETH ETHUSDT
dYdX key metrics (trading volume and revenue) rising in 2023. Source: Token Terminal

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The chart above shows that this protocol’s trading volume and revenue increased in 2023. A buoyant crypto market supports this positive spike, but a hostile regulatory climate could hinder its effectiveness.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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