PANews reported on November 6 that L2BEAT published a statement saying that the Ethereum Layer 2 ecosystem has undergone major changes. The long-running decentralized exchange dYdX v3 has been shut down, and more than $70 million of user funds have not been withdrawn. dYdX uses StarkEx technology provided by StarkWare, and the "escape hatch" mechanism protects user funds when the platform freezes. Users can withdraw assets directly from Layer 1 through a three-step Ethereum transaction, including "initializing" the escape, "completing" the process, and finally "withdrawing" the funds to the account.
This process requires a "Merkle proof" to verify the status of the asset, but it is more complicated for ordinary users. L2BEAT has developed StarkEx Explorer to simplify user operations. The URL is explorer.dydx.exchange . Since the closure of dYdX, users have withdrawn nearly $30 million. In addition, L2BEAT pointed out that this mechanism is only applicable to dedicated L2s that do not support smart contracts, and for general L2s that support smart contracts, more complex protection measures are required to ensure the security of user assets.
