DRC: Migration solution for ERC-20 DYDX holders

Proposals
151

you are welcome to use the Governance process to make a proposal. To be perfectly clear, the decisions to close the bridge and remove unbridged tokens from supply is a GOVERNANCE DECISION confirmed in TWO SEPARATE VOTES (taken in Dec 2024 and confirmed again in June 2025). the word “You” doesn’t mean what you think it means here, the fact is “You have removed” is wrong, the actual phrase (corrected) is: “Governance voters have removed”. Don’t look for a centralized entity to fix this.

Your solution is : “The real solution would be to send tokens to a smart contract that issues an equivalent amount of tokens on the Cosmos network.”

That is indeed correct. Understand at this point you have to source the “equivalent amount of tokens on the Cosmos network”. These tokens (unbridged supply) DOES NOT EXIST because they were burned.

152

And that’s the main problem: you (and by “you” I mean dYdX Gov) burned other people’s money, justifying it by saying that someone doesn’t read your Twitter feed.

That’s not fair. I’m not obligated to keep track of every project in my portfolio, but you, under the guise of inattention, simply burned those tokens and profited from it.

A question for you personally: would you support the decision to restore the circulating supply to its original value in order to solve the problem of stuck holders?

153

Of course it’s your responsibility to monitor where your investments go, especially in web3.

2 years pass by and you don’t bother to check forums or Twitter? Irresponsible.

Take accountability.

154

Your bio says “Strong DyDx holder,” all you new accounts claim you’re deeply passionate about this platform.

Yet none of you bothered to keep up to date with the community - for two years, I’m so tired of this.

in 13 years in the space, I’ve seen this charade occur three times.

Someone came up on a wallet with these unmigrated tokens, most likely a stolen wallet.

Now you want the money and you’re duping accounts and paying low-impact KOL’s to tweet about it and construct articles.

Give it up.

Stop spamming these boards.

155

If someone didn’t bridge in 20 months, then it is clear to me they did not care about the dydx project at all. the eth-dydx token can not be staked, it contributes nothing to the security of the network. Governance is not evil, they did not burn these at a moment’s notice. by the time the first vote came into discussion, it was month #14 after the project already migrated to its own chain (Oct 2023). it gave another six months advance notice. by june 2025, it was month #20. the community does not want fragmented TVL with some on one chain and some on another chain. all tokens are needed to secure the network on dydxchain.

it’s definitely your responsibility to keep track of every project (if it is significant value to you). 20 months is nearly two round trips around the Sun. That isn’t asking a lot (how much of your attention depends on what it’s worth to you, nobody controls your time than you)

156

Until February 2025, dYdX tokens could be withdrawn and deposited on the Binance exchange (proof: https://www.binance.com/en/square/post/18828500492241).

I bought tokens in December 2024 and withdrew them to a cold wallet. Was I not entitled to do so? Yes, I was. It is my firm belief that any migration should be mirrored from one network to another. No one has the moral right to burn tokens that I bought with my own money. There are several ways to ensure mirrored migration between networks without having to ask anyone to restore justice.

For a long time, ERC-20 was the only network where funds could be withdrawn from most exchanges, until December 2024.

If this is such a widespread problem (there are 45,000 addresses left with a positive ethDYDX balance), then a mistake was made, and holders were not sufficiently informed. There was not even a publication from dYdX on YouTube about the migration.

It happens, people make mistakes. But we are here to stop the mistake from turning into fraud.

157

if you withdrew tokens to self-custody, then it also becomes your own responsibility to stay on top of things, by Feb 2025, the proposal to shut down the bridge (in June 2025) has already been confirmed. Your firm belief “any migration should be mirrored from one network to another” is just your belief. because of your decision you bought eth-DYDX, you moved it to your own wallet, and you STILL OWN eth-dydx. the privilege to bridge (forever and ever) is definitely not conferred with that ownership because that is up to Governance.

at this point, further debate is useless. take it to a Governance proposal to ‘source/take’ the 42million tokens from Treasury and get voters to approve it, but this is highly unlikely to pass.

158

the only advice I have for eth-dydx holders is to do a community takeover, and find your own way to accrue value to the token. There are meme coins that has hundreds of millions of dollars of market cap, about a squirrel, a baby hippo, etc. with eth-dydx you are guaranteed a small community, tiny market cap, zero insiders/VC’s with large supply who will dump on you, etc.

crazy idea: you can even launch a perps exchange for $750 instantly on Orderly https://dex.orderly.network/ , you can then use trading fees to buy back and burn eth-dydx (from Uniswap)!

159

No one.

And I mean absolutely no one I work with in this space, has bought into dYdX without being actively involved in it, because dYdX is such a niche market.

So you’re telling us that you bought this token after your “deep and passionate” research and never once stopped by the forums, Twitter, Telegram, Discord at a time when the proposals to push migration were incredibly active?

Furthermore, from the time of December to January, the token lost more than 50% in value, from $2.85 to .85 cents and you never once thought - “hmm, let me check out the community and inquire what is actively being discussed regarding me losing a great deal of my investment.”

All of this is bollocks man, stop this act.

Crypto / web3 is self-custody, with or without leverage it is a HIGH-RISK environment, you MUST do your due diligence and be actively involved in all projects your money, time and effort goes into.

EVERYONE knows this.

Coming here and gaslighting an entire community, that you’re not at fault for being irresponsible with your OWN investments, is insane.

All of these accounts are dupes, friends, people with promises of being paid off once you obtain whatever migrated tokens you or whomever claim to have.

All of these people have been kind to you, providing real solutions.

I am not, I know a scammer when I see one.

Stop wasting the communities time.

160

I am NOT referring to anyone specifically here, but there is also a group of people who are gambling on the bridge re-opening (low probability but high reward if it happens), buying eth-dydx on Uniswap at very low prices hoping to 10x their money ($1000 can buy >15k tokens). It is possible that they are part of the loudest people causing the most ruckus (on social media and other places). Again, NOT referring to anyone here but it is one of the concerns with re-opening the bridge, as well as how to compensate the people who sold eth-dydx for low prices because the bridge closed. Does the community have to make “them” whole?

161

This is actually the most plausible answer for what we’ve seen here and on Twitter.

162

There is no problem with this; they did not take the tokens out of thin air if they bought them on Uniswap — someone sold those tokens there. Accordingly, no one created tokens on the ERC-20 network; they were issued by dYdX and were part of the circulating supply.

163

You are making assumptions and accusations, while more than 100 people have written about the problem in this forum thread. It is wrong to say that they are all liars, and it is wrong to say that there is no problem with stuck tokens.

You are missing the point — no one can burn someone else’s tokens without the permission of the token holder. And that is exactly what happened in this situation.

164

i literally said i was not referring to anyone here.

nobody burned any tokens. unminted supply aren’t yours. to mint the token you had to bridge. you didn’t bridge, so they aren’t yours. let’s be clear:

you bought eth-dydx. this is a v3 governance token. it still is (except v3 was shut down).

you still own eth-dydx. still transferrable to another wallet or sold or do with as you wish.

again, I am trying to wind down further discussion because there is no use to keep talking about it. take it to a governance proposal if you want.

165

There could be many reasons why someone did not migrate their tokens, such as illness, being under investigation, lack of access to funds, and a million other reasons why a holder may not be aware of the migration. At the same time, when making such a decision, you saw that there were still a huge number of wallets with a positive ethDYDX balance, and their number will only grow over time. Believe me, many people still don’t know about this.

So, it won’t work to deny the problem and pretend that nothing is happening. Many are ready to go to the police and court to resolve the issue.

We will prepare a proposal for the GOV to resolve this issue. I hope that humanity and fairness will be part of this process.

166

In the last 60 days before Bridge closure, the @dydx X account posted 15 times warning of imminent bridge closure, on these dates: (easily you can verify this on X.com)

june 8
june 6
june 4
may 29
may 27
may 22
may 19
may 16
may 12
may 8
may 7
may 1
april 24
april 17
april 10

in addition, on the trading website there was a banner at the top for six months. meaning if you traded at all at https://dydx.trade/ between Dec 2024 and June 2025, you would have seen it

167

I don’t dispute that you wrote about this in X. But X is blocked in my region, so I can’t read this resource. And the issue isn’t about the posts. The issue is about the approach itself: the tokens on the ERC-20 network were issued by the dYdX team, they are completely legitimate and were included in the circulating supply. The team saw the on-chain metrics showing that there were still a huge number of holders. How could they decide to close the bridge when there were still people on the other side?

Are they to blame for believing in your project and then not reading Twitter? If I had known that without subscribing to your Twitter, my tokens would be worth 0 in six months, I would never have bought this project. And I’ll let you in on a big secret: few people subscribe to the Twitter of a project they buy.

The awareness that your funds are safe in a cold wallet is a fundamental property of cryptocurrencies. And now it turns out that the project refuses to recognize its own dYdX tokens and resets their value to zero because of a lack of Twitter followers. Is that fair? Absolutely not, and everyone participating in this discussion understands that, but instead of looking for a solution, they either remain silent or condemn.

This is not a constructive approach. Believe me, very few people know about this problem, but every day there will be more. Something needs to be done about this.

172

Good afternoon, sir.
I read your post and realized you don’t seem to have a full grasp of the topic. If you truly have such a deep understanding of cryptocurrency developers, I salute you.

I’m an investor myself and hold about 30-40 projects in my portfolio. If you’re interested, I can personally send you my wallet address, which contains approximately $1,000,000 worth of this company’s tokens.

I don’t follow the internal processes of the development team—I’m more interested in chart analysis, price dynamics, and long-term trends. I’m a long-term investor, and I can show you all my entry points and cold storage transfers if you’d like.

Regarding the situation with network migrations and updates—yes, that happens, and it’s normal for developing projects. We, as investors, may not know all the technical details, but that doesn’t mean the project is bad or dead.

Judging by your tone, you’re simply one of those vocal critics without significant investment. Perhaps you’re simply observing from the sidelines and drawing superficial conclusions.

So, if you want a constructive conversation, let’s speak in the language of facts, not emotions.

173

Dear DYDX Team

I am writing with deep respect and concern to sincerely request the reopening of the ETH–dYdX bridge. I understand that the bridge closure was decided through a governance proposal and executed automatically, but many users, including me, are now unable to access their tokens, which has created a very difficult situation for us.

We kindly ask, if possible, to provide even a temporary solution to reopen the bridge. This action would be extremely valuable for the community, and we would be deeply grateful.

With utmost respect and appreciation

174

Dear dYdX Support Team,

I hope this message finds you well.

I have been a loyal DYDX holder for over four years and currently hold my tokens on an Ethereum (ERC-20) wallet. With the migration to the dYdX Layer 2 network, I am unsure how to safely move my tokens to the new network.

Could you please advise on the best procedure for transferring my DYDX to Layer 2, particularly as a hardware wallet (Ledger) user? Additionally, is there an official bridge or supported method available for long-term holders like myself?

I would greatly appreciate your guidance so I can ensure my assets are safely migrated.

Thank you very much for your support and time.

Best regards