DeFi Exchange Platform dYdX Places Solana in 'Close Only' Mode
Decentralized exchange dYdX placed Solana trades in “close only” mode, meaning users will only be able to close out their positions on the perpetuals exchange and not open new ones. DYdX cited “market volatility” as its reason for making the move. Solana’s SOL token fell precipitously today on the news that FTX, a crypto exchange that holds a major stake in Solana, has become insolvent. SOL is currently priced at $14.10, down 40% from $24 a day ago. DYdX is a “hybrid” decentralized exchange that uses code – rather than a central intermediary – to facilitate most of its operations. The platform facilitated $3 billion worth of transactions in the past 24-hours, making it the largest decentralized finance (DeFi) exchange by daily trading volume according to CoinMarketCap.
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