Binance, one of the largest cryptocurrency exchanges, has announced it will end support for dYdX deposits and withdrawals on the Ethereum (ERC20) network. This change will take effect on February 12, 2025, at 02:00 (UTC).

The decision means that any DYDX deposits through the ERC20 network after the deadline will not be credited to users’ accounts. Binance advised users to utilize other networks available on its platform to avoid potential asset loss.

This move is part of Binance’s ongoing effort to refine its supported assets and streamline operations. While the change aims to enhance the platform’s functionality, it has raised concerns about market stability and liquidity among some users.

Impact on Users and Market

The announcement stirred mixed reactions within the crypto community. Some investors worry about the potential impact on the token’s liquidity and overall market performance. Binance encouraged its users to read the official announcement for guidance and to avoid risks.

Binance frequently updates its list of supported networks to improve user experience. However, the decision to end Ethereum network support for DYDX deposits and withdrawals has sparked speculation about its effect on Binance’s market position and the token’s future.

Despite these changes, Binance has been actively expanding its support for other tokens. Recently, it added Phala Network (PHA) and dForce (DF), which saw a positive market response. These updates demonstrate Binance’s influence on shaping market trends.

Current dYdX Price and Trading Volume

The dYdX token is currently trading at $1.50, marking a 3.28% surge in the past 24 hours. During this period, the token’s lowest price was $1.4521, while its highest was $1.5248. The token holds a market cap of $10.6 billion, with a trading volume of $35.73 million in the last 24 hours.

Data from Coinglass reveals that the dYdX exchange recorded $231 million in futures trading volume in the same time frame. Open interest stands at $202 million, with the BTC/USD pair leading at $94 million in volume, followed by ETH/USD at $46 million.

Binance’s Influence on Crypto Trends

Binance’s recent updates highlight its ability to impact the crypto market significantly. While a hault in support for DYDX deposits and withdrawals adds challenges, tokens like PHA and DF have gained momentum after being added to Binance’s platform.

These developments underscore the importance of timely announcements and network optimizations in shaping market dynamics. As Binance continues to refine its operations, the crypto community will closely monitor how these decisions affect the broader market landscape.

Also Read: “Take Crypto SeriousLee”: 1inch’s Exciting New DeFi Campaign In Partnership with Bruce Lee Family