DYDX rate drops by 8% after withdrawal of $26 million worth of coins from the staking pool

The volume of withdrawn assets is 30% of the circulating supply

21.12.2022 - 12:00

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What’s new? Analytics company Lookonchain has reported that following the winding down of the safety staking module, 19 765 085 (~$26 million) governance tokens DYDX of the decentralized crypto exchange (DEX) dYdX were withdrawn in the last 24 hours. The volume of withdrawn assets is 30% of the circulating supply (65 569 295 coins). DYDX is trading at $1,3 as of December 21, 12:00 UTC, down by 8% in 24 hours, according to Binance.

After winding down the safety staking module, 19,765,085 $DYDX($26M) was withdrawn from the security module staking pool in the past 24 hours.The amount of withdrawn $DYDX accounts for 30% of the circulating supply (65,569,295 $DYDX).Large selling pressure of $DYDX is comig! pic.twitter.com/kxEWDDzQqe — Lookonchain (@lookonchain) December 21, 2022

What other data has been released? SmartMoney became the address with the second-highest number of DYDX withdrawals. The transaction totaled 3 132 004 coins ($4,3 million). These assets were transferred to Binance.

dYdX is an exchange for margin trading in digital assets and perpetual contracts. It offers exchange, trading, and lending services. The platform runs on smart contracts on the Ethereum network. Transactions are made between users directly (P2P).

In April, dYdX denied rumors of mass blocking of customers from Russia. In August, the exchange blocked users whose addresses interacted with Tornado Cash, a crypto mixer that had previously been put on the US sanctions list.

In November, analysts at Santiment named DYDX as one of the main beneficiaries of the collapse of the FTX crypto exchange founded by Sam Bankman-Fried.

DYDX was among the top 5 altcoins to benefit from the FTX bankruptcy. For what other coins made the list, read GetBlock Magazine’s special feature.

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