A community proposal submitted by the dYdX Operations SubDAO would upgrade the dYdX protocol to v9.9 and gradually move the backing for on-chain USDC reserves from Noble USDC to Injective USDC. As reported by Deep Tide TechFlow on November 13, 2026, the proposal says users’ existing balances and the USDC denomination used for trading would not change.
The distinction is between how USDC enters and leaves the protocol and how balances and trades are denominated:
- Deposits: Once the migration begins, USDC deposits would enter only through Injective. Deposits through Noble would be returned.
- Withdrawals: Users could initially withdraw through either Noble or Injective. Closing the Noble withdrawal route after its reserves are depleted would require separate governance approval.
The proposal recommends upgrading on November 17 at block height 114220000. The upgrade itself remains subject to governance approval; these changes were proposed, not reported as completed.
Original report: Deep Tide TechFlow · Published November 13, 2026, at 22:24 UTC+8.