Orderly Network has announced that it will shut down its NEAR instance on September 18. This decision is part of a strategic shift to focus more on EVM (Ethereum Virtual Machine) trading and integrate new chains. It aims to maximize trading volumes in the decentralized finance (DeFi) sector. This was posted on the company’s official X account, saying it will allow the network to focus on critical areas for the company’s future growth.
‼️ Important update:
Orderly Network is shutting down its NEAR instance on September 18 to prioritize EVM trading, as well as new, soon-to-be integrated chains, for maximum DeFi trading volume.
The NEAR team is aware, as are builders currently integrated with Orderly… pic.twitter.com/EMY5YPKjle
— Orderly Network (@OrderlyNetwork) September 13, 2024
Orderly Network provides NEAR users with details on trade close and settlement process prior to close
It has been shared with the NEAR team and with builders currently integrating with Orderly through NEAR. This advance notice is intended to give users sufficient time to accept the change in direction and plan adequately for the change that is expected to occur.
For those users who still hold their position in NEAR, there are certain aspects to take into account. All open transactions at the time of decommissioning will be closed at the same price. The method used to determine these prices is the market price of the last hour before the close. This ensures that trades are closed appropriately, which reflects the current market price.
Orderly network to focus on DeFi, users are urged to optimize positions before nearing shutdown
In addition to the settlement price information, the respondent company, referred to Orderly Network, stated that no trading fees are charged in this type of settlement. Third, no financing fees will be charged by users during the decommissioning period. This is to ensure that users no longer incur any costs when making the switch through appropriate integration.
Ultimately, Orderly Network’s decision to prioritize the closure of the NEAR instance over other goals highlights its strategic focus on improving DeFi services. By shifting its focus to Ethereum Virtual Machine (EVM) trading and integrating new chains, the network aims to maximize trading volumes and optimize user experience within the decentralized financial ecosystem. This move demonstrates Orderly Network’s commitment to innovation and long-term growth in the rapidly evolving blockchain landscape. As the closure of the NEAR instance approaches, it is essential that users regularly monitor and optimize their positions to avoid disruptions.