Selling V3 trading software and being hacked, what is the DeFi derivatives leader dYdX playing?

Author: Xiyou, ChainCatcher

Editor: Marco, ChainCatcher

ChainCatcher news on July 24th, decentralized derivatives trading leader dYdX was exposed and is planning to sell dYdX V3 trading software.

But within less than an hour after the news came out, the dYdX V3 website (dydx.exchange) was attacked by hackers. The hackers first took over the website and then implanted fake phishing website links. Once the user authorized the information, You may encounter the possibility of assets or information being stolen.

As soon as the news of the planned sale of V3 was exposed, its domain name was hacked, and the community speculated whether this was a pure coincidence or a premeditated action.

dYdX’s sale and security turmoil triggered a series of chain reactions. Users and investors showed obvious concerns. The price of the DYDX token fell rapidly in response to the news, falling from $1.45 to a low of $1.23 within the day. The drop exceeded 15%, and the currency price was fluctuating at $1.27 at the time of writing.

Why sell V3? Is the dYdX team going to cash out? Why did the hacker choose this time to attack? Can I still hold DYDX tokens? A series of questions flooded the community chat page.

Intention to sell dYdX V3, not related to dYdX Chain

Bloomberg reported that dYdX is in talks with potential buyers about selling part of its derivatives trading software (dYdX V3). It is reported that Wintermute Trading and Selini Capital are one of the potential buyers of dYdX V3 software, and the specific amount has not been disclosed.

As the leader in derivatives on the DeFi track, the rumor of dYdX selling V3 has attracted widespread attention in the crypto community. Most community users are more concerned. Is the V3 being sold just a trading software or is the entire dYdX brand packaged and sold? Is it because the dYdX team is completely withdrawing? You must know that the V4 version of dYdX Chain launched last year is managed by the DAO community? What impact will the incident have on the overall ecology of dYdX? What impact will it have on DYDX currency price?

In response to the news of the sale of V3, dYdX officially posted a reply on social media. dYdX Trading is exploring strategic alternatives related to V3 technology, which does not include Ethereum smart contracts or other technologies managed by DYDX tokens, and this process It has nothing to do with dYdX Chain, dYdX Chain is the focus of future development.

It added that the dYdX V3 exchange is a trading engine supported by the operating entity organization dYdX Trading. All funds and settlements on V3 occur on smart contracts governed by DYDX token holders, The transaction fees of V3 also belong to dYdX Trading.

With the launch of dYdX Chain in V4, all transactions of dYdX will eventually be migrated to this chain, and all transaction fees paid on this chain will belong to the validators and DYDX stakers.

And emphasized that the dYdX Chain code is open source and completely decentralized, which is more in line with the development concept of DeFi products. In the future, it will focus on building products around dYdX Chain.

Regarding the official statement of dYdX, community user Bobo concluded to ChainCatcher that it seems that the rumors of dYdX selling V3 are true, but it only sells V3 trading software, which has little impact on dYdX Chain, and dYdX The current main business focus is also dYdX Chain, and the currency price of DYDX is also directly related to the fee income of dYdX Chain.

User @atg1688 also stated that dYdX only sells V3 trading software, which is owned by the organization dYdX Trading, while dYdX Chain is run by the dYdX Foundation, and the impact is not significant.

The V3domain name vulnerability that has been warned for a long time was finally hacked by hackers

However, in less than 1 hour after dYdX V3 was revealed to be negotiating for sale, the V3 domain name was discovered to have been attacked by hackers.

On July 24, dYdX officially issued a reminder that the dYdX v3 website domain name (dYdX.exchange) has been compromised. Please do not visit the website or click on any links. However, dYdX v4 has not been affected.

Hackers successfully invaded by exploiting vulnerabilities and tampered with the DNS records of domain names, causing users to be redirected to malicious websites when accessing dYdX V3. Users encountered phishing attacks when accessing malicious websites, and some users’ private keys and assets were lost. It will most likely be stolen.

Fortunately, in this hacker attack, only the network domain name became the target of the attack. The underlying smart contract was not attacked. User funds on the dYdX platform were not affected. Now the dYdX V3 domain name vulnerability has been repaired and the website has returned to normal. Running, dYdX said that neither the dYdX Chain, the dydx.trade website, nor the V3 protocol were affected by the attack.

However, community users are not satisfied with dYdX’s vulnerability handling.

因为早在7月11日就已经有用户提醒，dYdX域名存在与Compound和Celer等协议相同的漏洞情况。但dYdX官方回复尚未发现任何漏洞或安全问题后，就没有了下文，也没有提前部署相关应对措施。

因此，部分用户将本次的黑客攻击事件视为是对dYdX疏漏行为的一次警告。

但黑客选择攻击dYdX V3域名的时间节点，与V3出售消息被爆出时的完美巧合，让社区用户不得不怀疑是否是预谋已久的。

有用户表示，dYdX V3在商谈软件出售事宜之际遭黑客破坏之际，既要应对一场安全危机，又要处理一笔潜在的业务交易，dYdX简直是一箭双雕。

dYdX出售V3是“套现离场”还是为了生态发展？

相较于本次的安全攻击，用户对于dYdX要出售V3的行为更加不解。按照dYdX原计划，随着去年V4版本dYdX Chain上线运行后，所有的交易将全面过渡到V4上，V3将会被慢慢遗弃，但是现在dYdX对V3的处置却是试图出售。

在DeFi领域，项目整体的买卖交易很少见，因为大多数项目都使用的是开源软件，这意味着其他人可以使用、修改和重新构建，根本无需购买。

一位DeFi OG玩家对ChainCatcher感叹道，在DeFi行业这么久，见过平台停运的、卖币砸盘的、跑路的，dYdX直接卖交易平台的实属第一人。

虽然dYdX V3是旧版本产品，但平台交易数据表现依旧亮眼。根据DeFiLlama数据统计，V3平台预计今年将产生约1867万美元的收入。

VanEck在去年3月的报告中估计，V3平台在2022年产生了1.37亿美元的费用。

DeFiance Capital也在去年公开表示，尽管dYdX V3产品在一年多的时间里基本上没有新的交易对和功能上线，但它的市场份额仍然超过50%。

根据DeFiLlama数据显示，dYdX V3每周的衍生品交易量平均仍有15亿美元，V4 dYdX Chain上每周的交易量约为50亿美元。

CoinMarketCap数据显示，目前去中心化衍生品赛道，dYdX V3交易量仍排名前二。

根据加密风险公司Gauntlet分析，V3平台对交易者仍然具有吸引力，因为V3上平台上的某些代币具有更高的流动性，交易者在大额交易中面临的滑点也较少。

用户Bobo也对ChainCatcher提到，自己使用最多的依旧是V3版本，很少使用V4，因为该版本的资产交易量和流动性似乎都很低。

由此来看，dYdX V3仍旧是一个源源不断的现金牛，据悉，本次V3出售的业务交易将达到数亿美元。

自在2017年以太坊网络上推出后，在DeFi Summer时期的流动性挖矿激励政策下，业务疯狂增长，dYdX产品也经历了无数次重大变革，产品已从最初的V1升级至了今天的V5版本，逃离以太坊后推出dYdXChain，立山成王。

不过，dYdX的业务发展与DYDX币价的走势却大相径庭，DYDX币价自2021年的27美元高点一落千丈，最低点多次跌至1.005美元左右，现在1.25美元上下震荡，币价相较高点缩水了95%。

尽管V4 dYdX Chain上线后，所有链上交易费收益归属于DYDX代币质押用户等，给予了更多赋能，但对币价没有任何影响。

对于dYdX出售V3，有两种主要观点，一种是消极的观点认为项目方要套现，另一种积极的则认为，项目方这次出售的所获资金对于dYdX整体发展有益。

Bobo表示，如果dYdX将其出售资金投入到dYdX生态，那无疑是一件好事。

他解释道，dYdX作为一家快速发展的DeFi公司，需要大量的资金来支持其技术研发和市场拓展，出售V3平台可以为其筹集到大量资金，帮助其集中精力和资源，提升整体竞争力。

从长期来看，出售V3平台也可能会对DYDX代币的价值产生积极影响，通过获得大量资金，dYdX可以进一步提升其技术和服务，增强市场竞争力，从而提升DYDX代币的长期价值。

他也提醒到，目前对于dYdX V3出售，官方并没有说出售后所获取的资金是团队自己收入囊中还是用于其它等。

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