#dydxplansv9.9upgradetoshiftusdctoinjective
🚨 dYdX Plans v9.9 Upgrade to Shift USDC Backing From Noble to Injective
dYdX has opened an on-chain governance vote for its v9.9 upgrade, which would gradually move the backing of USDC on dYdX Chain from Noble USDC to native Injective USDC. The proposal follows Circle’s planned wind-down of USDC support on Noble.
The important point for traders: existing USDC balances, positions, orders and the USDC denomination are expected to remain unchanged. The major change is the infrastructure behind deposits and withdrawals. Once the migration begins, new USDC deposits will need to come through Injective, while Noble deposits will be rejected and refunded.
From a market perspective, this is primarily a stablecoin infrastructure and liquidity-routing upgrade, rather than a direct bullish or bearish catalyst for DYDX. Traders will likely focus on whether the transition occurs smoothly and whether liquidity remains fully backed throughout the migration.
The governance vote is scheduled to close on November 16, with the upgrade currently targeted for around November 17 if approved.
Bottom line: dYdX is replacing an aging USDC route with Injective-based infrastructure, aligning its stablecoin rails with Circle’s broader Cosmos transition. The key risk to watch is execution during the migration, not the change in the USDC balance itself.
#DYDX #injective #USDC #CryptoNews
$SHELL $CAP $BLESS
🚨 dYdX Plans v9.9 Upgrade to Shift USDC Backing From Noble to Injective
dYdX has opened an on-chain governance vote for its v9.9 upgrade, which would gradually move the backing of USDC on dYdX Chain from Noble USDC to native Injective USDC. The proposal follows Circle’s planned wind-down of USDC support on Noble.
The important point for traders: existing USDC balances, positions, orders and the USDC denomination are expected to remain unchanged. The major change is the infrastructure behind deposits and withdrawals. Once the migration begins, new USDC deposits will need to come through Injective, while Noble deposits will be rejected and refunded.
From a market perspective, this is primarily a stablecoin infrastructure and liquidity-routing upgrade, rather than a direct bullish or bearish catalyst for DYDX. Traders will likely focus on whether the transition occurs smoothly and whether liquidity remains fully backed throughout the migration.
The governance vote is scheduled to close on November 16, with the upgrade currently targeted for around November 17 if approved.
Bottom line: dYdX is replacing an aging USDC route with Injective-based infrastructure, aligning its stablecoin rails with Circle’s broader Cosmos transition. The key risk to watch is execution during the migration, not the change in the USDC balance itself.
#DYDX #injective #USDC #CryptoNews
$SHELL $CAP $BLESS
