dYdX is holding a governance vote on migrating about $68 million in USDC, with the goal of shifting its underlying support from Noble to Injective.
This looks more like a switch in collateral and settlement rails than a $68 million inflow of new funds. The v9.9 upgrade proposal would make USDC.inj eligible as on-chain trading collateral; existing account balances, positions, and trading features are intended to remain unchanged.
More broadly, over $80 million in USDC is awaiting migration to Injective, with the portion dYdX plans to migrate accounting for the bulk of it.
Next, watch the vote outcome, the actual migration size, and the new rails’ liquidity depth and trading volume. Will consolidating the rails make USDC more useful, or simply give the existing funds a new entry point?
This looks more like a switch in collateral and settlement rails than a $68 million inflow of new funds. The v9.9 upgrade proposal would make USDC.inj eligible as on-chain trading collateral; existing account balances, positions, and trading features are intended to remain unchanged.
More broadly, over $80 million in USDC is awaiting migration to Injective, with the portion dYdX plans to migrate accounting for the bulk of it.
Next, watch the vote outcome, the actual migration size, and the new rails’ liquidity depth and trading volume. Will consolidating the rails make USDC more useful, or simply give the existing funds a new entry point?