Recently, the decentralised exchange dYdX has been at the centre of discussions after the final closure of the migration bridge for ethDYDX tokens. This decision has left more than 45,000 investors locked out with assets worth more than $25 million. Influencer Andrey Sobolev spoke about this. Incrypted spoke to him and found out the details of the situation.

The bridge that allowed the conversion of ethDYDX from Ethereum to native DYDX on the dYdX Chain was shut down on 13 June 2025.

It should be noted that the decision to close the cross-chain bridge was made back in December 2024 as a result of a DAO vote by the community, when support for the wethDYDX smart contract was discontinued. Back then, token holders were given a six-month transition period.

In June 2025, another vote was held, after which the protocol stopped working. At the same time, the tokens remained frozen in the contract.

“Approximately $25 million is the official figure declared by the Ethereum blockchain. […] There are 41.6 million ethDYDX tokens blocked in the bridges, which is 4.165% of the total supply. This is about $27 million in current equivalent,” Andrey Sobolev told Incrypted.

According to him, the community expects the dYdX Foundation team to initiate a proposal to rebuild the bridge and agree with delegates on its permanent opening until the token migration is complete.

He noted that there are other solutions for this, and the team has all the resources to implement them, but currently it is choosing to blur responsibility and avoid admitting a mistake, referring to the fact that the decision was made by a DAO vote:

“At the same time, we understand that there are real people behind any decision made, and in the case of the bridge closure, 30 validators who unanimously voted for this decision, fully aware that all 41.6 million tokens will be permanently blocked in the bridge contract and 45,000 people will be left without funds.”

The old token holders affected by the bridge closure understand that their independent initiative to resume migration will be rejected by the validators, Sobolev said. According to him, the major DYDX token holders are interested in “withdrawing retailer tokens from circulation and thus getting rid of the excess supply on the market — they openly stated this at the forum.”

The crypto influencer stressed that the community expects the dYdX Foundation team to initiate a proposal to rebuild the bridge and agree with delegates to support it.

He noted that some community members are even preparing an appeal to regulators:

“No project or DAO has the right to block users’ funds unless they have been obtained through criminal means. […] Some members are already filing collective complaints with the SEC [US Securities and Exchange Commission] and ESMA [European Securities and Markets Authority].”

Incrypted sent a request for comment to the dYdX Foundation. At the time of publication, our team has not received an official response.

In March of this year, dYdX founder and CEO Antonio Giuliano announced an update to the project’s roadmap.