dYdX, a decentralized exchange, is moving from Ethereum to its native dYdX Chain on Cosmos. However, many users were unable to withdraw their funds on Ethereum’s Layer 2, resulting in over $70 million worth of assets locked in dYdX v3. The Exchange’s team implemented the “Escape Hatch” technology for extra security when bridging to Ethereum, but withdrawing using it is complicated.
Fortunately, some users have managed to withdraw funds, with over $30 million already gone. The focus is now on dYdX Chain, which boasts lower fees, faster processing speeds, and a thriving ecosystem.
