dYdX exchange delays token unlocks. DYDX reacts with an increase of 30%
The team’s new plan to withdraw assets from the lock will reduce the volume of coins that will go into circulation on February 3
26.01.2023 - 09:30
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What’s new? Decentralized crypto exchange (DEX) dYdX has changed plans to unlock DYDX governance tokens for investors, community members, and treasury. Initially, 150 million coins were to be removed from the blockchain on February 3, which would have doubled the asset’s supply, but now 83 million of that number will not go into circulation until the end of 2023. The DYDX rate reacted to the news with an increase of 30% to $2,18. As of January 26, 09:30 UTC, it corrected to $2,07, according to Binance.
dYdX is an exchange for margin trading in digital assets and perpetual contracts and also offers lending services. The platform runs on smart contracts on the Ethereum network. Operations are done directly between users (P2P).
What else is known about the situation? DYDX was launched on August 3, 2021, with a total of 1 billion coins issued. According to the protocol, assets will be phased out of the lock over five years. Part of the initial distribution is intended for early investors (27,7%), as well as exchange employees: current (15,3%) and future (7%).
Under the new schedule, 30% earmarked for investors will be unlocked on December 1, 2023. Thereafter, 40% of the total amount will be unlocked in equal parts on the 1st day of each month from January through June 2024, another 20% on the first day of each month from July 2024 through June 2025, similarly another 10% from July 1, 2025, through June 1, 2026.
In April 2022, dYdX denied rumors of mass blocking of clients from Russia. In August, the exchange blocked users whose addresses interacted with Tornado Cash, a crypto mixer banned by the US Treasury Department.
In November, analysts at Santiment called DYDX one of the main beneficiaries of the FTX crypto exchange collapse, then the token rate rose by 133% in 5 days.
In December, the DYDX rate fell by 8% after $26 million worth of coins were withdrawn from the staking pool. The volume of withdrawn assets amounted to 30% of the circulating supply.
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