dYdX unlocks nearly $14 million worth of tokens

DEX_CEX_cover
DEX_CEX_cover

Decentralized exchange dYdX will unlock 6.52 million DYDX tokens worth $13.82 million, according to TokenUnlocks.

dYdX unlocks nearly $14 million worth of tokens
Data: TokenUnlocks.

The amount represents 3.76% of the total issue of the asset. The tokens put into circulation are intended for:

  • 2.49 million DYDX ($5.28 million) – for the community treasury;
  • 4.03 million DYDX ($8.54 million) – to reward traders and liquidity providers.

In total, more than 75% of the coins from the planned supply of 1 billion DYDX remain blocked for the project. The largest share of assets is due to investors – 28%. The team will eventually receive 15%, the community – 16%, and 20% of the tokens will go to stimulate trading.

The previous batch of coins in the amount of 6.52 million entered the market on August 1.

Over the past 24 hours on the eve of the next unlock, the price of DYDX has decreased by about 2%. The token is trading at $2.12, more than 92% below the September 2021 high of $27.86.

dYdX unlocks nearly $14 million worth of tokens
Data: CoinGecko.

Recall that in July, dYdX developers launched a new testnet based on Cosmos and the Tendermint consensus protocol to move towards “full decentralization”.

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