❕Cessation of Support for the wethDYDX Smart Contract

An overview of the cessation of support for the wethDYDX smart contract

On December 7, 2024, the dYdX community voted in support of an on-chain text proposal to Cease Support for the wethDYDX Smart Contract ("the Bridge") by June 2025. As a result of the discontinuation of support of the wethDYDX Smart Contract on the dYdX Chain, any ethDYDX holders that do not interact with the wethDYDX Smart Contract prior to the date on which the dYdX Chain ceases to support the wethDYDX Smart Contract (i.e., June 2025) will likely be unable to convert their ethDYDX tokens into dYdX-Chain DYDX tokens in the future (potentially indefinitely).

If an ethDYDX holder wishes to convert their ethDYDX tokens into dYdX-Chain DYDX tokens prior to the date on which the dYdX Chain ceases to support the wethDYDX Smart Contract, such ethDYDX holder is free to do so by interacting with the wethDYDX Smart Contract. An ethDYDX holder may do so by interacting directly with the Smart Contract via API, or by using bridge.dydx.trade or any other available user interface that supports interactions with the wethDYDX Smart Contract.

Ending support for the wethDYDX Smart Contract on the dYdX Chain will require a separate on-chain governance proposal to disable the recognition of ethDYDX sent to the Bridge on the dYdX Chain. This proposal is expected to be initiated in June, following the conclusion of the six-month notice period.

Please note that the dYdX Foundation has no control over, and is playing no active role or otherwise influencing in any way, the cessation of support of the wethDYDX Smart Contract on the dYdX Chain. The cessation of support of the wethDYDX Smart Contract on the dYdX Chain is a decision made by dYdX Chain governance. The dYdX Foundation does not participate in dYdX Chain governance and has no control over any decisions made by the dYdX community via dYdX Chain governance. As a result, by receiving this notice, you hereby agree to fully release the dYdX Foundation from any liability or responsibility whatsoever should you be an ethDYDX holder and decide not to take any action.