Update as of December 7, 2024

Following a governance vote by the dYdX Community, support for the wethDYDX Smart Contract on the dYdX Chain is expected to be discontinued from June 2025. More information is available here. Users should note and understand that, 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).

Update as of October 30, 2023

This blog post is an update to the blog post 'Update on the Potential Migration of DYDX from Ethereum to the dYdX Chain'. 

On September 12, 2023, dYdX Foundation published “Update on the Potential Migration of DYDX from Ethereum to the dYdX Chain”. In that blog post, the dYdX Foundation explained that it had commissioned the development of (1) an Ethereum smart contract (the “wethDYDX Smart Contract”) that, if deployed, would enable a permissionless and autonomous one-way bridge for the ethDYDX token to be migrated from Ethereum to the dYdX Chain and (2) the source code for a user interface (the “User Interface Code”) to interact with the wethDYDX Smart Contract that would be open-sourced such that others may use it to implement a user interface (also sometimes referred to as a “front-end”), among other things.

Today, the dYdX Foundation is pleased to announce the open-sourcing of the User Interface Code available at; https://github.com/dydxfoundation/bridge-user-interface 

What’s Next?

Following the dYdX Operations subDAO’s announcement of the dYdX Chain Genesis with Genesis Validators creating the first block and the open sourcing of the User Interface Code, any party may now deploy and operate a public bridge User Interface. The User Interface would allow users to interact with the wethDYDX Smart Contract to migrate ethDYDX from Ethereum to dYdX Chain DYDX. 

Users should not interact with any User Interface without proper knowledge and understanding. 

Disclaimer

dYdX Foundation’s purpose is to support the current and future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

The wethDYDX Smart Contract, the GovernanceStrategyV2 Smart Contract, the TreasuryBridge Smart Contract and the User Interface Code referred to in this blog post (collectively, the “Relevant Software”) are solely open-sourced software to be used or implemented by any party in accordance with the applicable open-source licence. At no time should the Relevant Software be deemed to be a product or service provided or made available by the dYdX Foundation.  

To interact with the wethDYDX Smart Contract, users may opt for the user interface of their choice (if any are provided by a third party, as set forth below) or connect directly to the wethDYDX Smart Contract. The dYdX Foundation will not host or maintain a user interface or front-end related to a potential migration of ethDYDX tokens to the dYdX Chain. Interactions with the Relevant Software are permissionless and disintermediated, subject to the terms of the licence and code.  Users who interact with the Relevant Software will not be interacting with the dYdX Foundation in any way whatsoever.  The dYdX Foundation has no control of any kind over the use that people make of the Relevant Software, including, without limitation, with regard to: (i) potential deployments of the Relevant Software, (ii) potential adaptations, forks or modified versions of the Relevant Software, and their deployment, or (iii) users’ interactions with the Relevant Software. The dYdX Foundation does not make any representations, warranties or covenants in connection with the Relevant Software, including (without limitation) with regard to the technical properties and performance of the Relevant Software, as well as its actual or potential usefulness or suitability for any particular purpose.  The dYdX Foundation will not operate any part of the Relevant Software (or any versions or adaptations thereof) nor will it be responsible for their continued availability.  

Due to the open-source nature of the User Interface Code, it is possible that there will be multiple third parties that leverage such open-source code to provide front-end solutions in connection with a potential migration of the ethDYDX token from Ethereum to the dYdX Chain (“Bridging Solutions”).  The dYdX Foundation will not audit and therefore will not be in a position to make, and does not make, any representations, warranties or disclosures with regard to any potential Bridging Solutions.  Any Bridging Solutions will have no connection to and are not endorsed in any way by the dYdX Foundation. Readers are responsible for conducting their own research and due diligence on the Relevant Software and on any Bridging Solutions that may exist, now and/or in the future.

Readers should remain vigilant and only rely on information coming from legitimate sources, as an increase in potential scams and phishing attacks via social media, messaging apps and websites is likely to happen.

Nothing in this blog post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance related to a potential migration or otherwise, whether to migrate any assets to the proposed new dYdX Chain, or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. dYdX community discussion and interaction on the contents of this post are encouraged. The dYdX Foundation does not directly participate in governance decisions to be made by the dYdX community, including, without limitation, by making and/or voting on governance proposals. The dYdX Foundation may alter or update any information in this post in the future and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it is made and should only be read and taken into consideration at the time it is made and on the basis of the circumstances that surround it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein, including but not limited to the direct or indirect open-sourcing of any commissioned code.