dYdX will unlock 150 million exchange-traded tokens on December 1

That is 30% of the volume of the asset’s offering to investors and the project’s team

27.11.2023 - 12:14

551

2 min

What’s new? dYdX, a decentralized crypto exchange (DEX), will unlock 150 million native tokens DYDX valued at $487,5 million (at the rate of CoinGecko on November 27, 07:50). The unlocking amounted to 30% of the volume is meant for investors and project team members, the event will take place on December 1 at 00:00 UTC. In general, according to tokenomics, this category of participants will be allocated 50% of the total supply or 500 million coins within five years after the launch.

Source: Twitter.com

What else is known? Initially, the unlocking was supposed to take place on February 3 this year, but it was postponed for almost a year, as a result of which the asset’s exchange rate in late January reacted with an increase of 30%.

The coin was launched on August 3, 2021, with a total of 1 billion DYDX issued. n accordance with the protocol, assets are gradually removed from the lock for five years. Part of the initial distribution is designed for early investors (27,7%) as well as exchange employees: current (15,3%) and future (7%).

The distribution also applies to the project’s treasury, and 24,2% of the total offering will be allocated to it. Another 30,4% will be allocated as rewards to users for trading activity and providing liquidity, while 1,1% will be allocated to liquidity and security of staking pools.

According to on-chain data, on November 27, a non-profit organization supporting dYdX’s activities sent coins awaiting unlocking to investors including venture capital firms a16z, Defiance Capital, and Polychain Capital.

On November 18, the exchange was forced to allocate $9 million from its insurance fund to cover liquidations of user positions as a result of YFI coin rate manipulation. The dYdX team reported that the attack was carried out by an unknown user who had previously attempted to manipulate the SUSHI token rate on the platform similarly.

At the time of writing, dYDX is trading at $3,25, having lost 7,8% overnight.

Author: