Decentralized exchange dYdX is about to release a batch of tokens in a scheduled unlock event. How will the price of the native token of the same name react?
About 6 hours later today, the decentralized derivatives exchange dYdX will unlock 6.5 million DYDX. The scheduled token release is equivalent to 0.65% of the total supply, so its impact will be minimal.
At current prices, dYdX unlocks an estimated value of $15.9 million.
Additionally, only 20.4% of the total supply of 1 billion DYDX is unlocked. That gives it a market capitalization of about $361 million.
The remaining 80% of tokens will be unlocked in small amounts periodically over the next three years.
✨Extraordinary unlock this week✨
🚨 Unlock over $420 million! ! 🚨
🔎 The main unlocks to monitor are $ sand 🔎$ sand 12.4% – $260 million (🌟)$ bit 1.9% – $107 million $ ape 0.7% – $38 million $DyDx 0.6% – $16 million $EU 0.3% – $700,000$ gallons 0.1% – $400,000
source: https://t.co/8XoTR8tBPT pic.twitter.com/ogbieAuu0F
— Token Unlocks (@Token_Unlocks) February 13, 2023
DEX Tokenomics adjusted
DYDX tokens are also beneficial to early investors. Nearly 30% of tokens were allocated to this category. Additionally, 30% is allocated to the team and community treasury.
20% of its tokens are used for trading rewards and 8% for liquidity provider rewards. The remainder is allocated to future employees, retroactive mining rewards, and stake pools.
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DYDX unlocking is scheduled on a monthly basis until July 2026. Starting in December 2023, the number of unlocks for teams and investors has increased significantly. The dYdX Foundation announced this change from its previous unlocking schedule at the end of January.
Project management also voted to reduce transaction rewards by 45% from 2.9 million tokens to 1.6 million tokens per epoch.
The Sandbox is also unlocking tokens today, but in a much larger amount, about $250 million in SAND, and the price has dropped.
price dYdX
As the next unlock approached, the token price was down 1% on the day and 16% on the week. At press time, DYDX was trading at $2.4.
Source: TradingView
Like its DeFi brethren, DYDX suffered heavy losses during the bear market. The token is currently down 91.3% from its all-time high of $27.86 reached in September 2021.
These scheduled token unlocks may be good for long-term licensing and token economics, but they tend to depress prices in the short term.
- Community divided over dYdX’s proposal to update Defi funding scheme
- dYdX (DYDX) Could Soar As Interest in DEXs Grows
board pass
According to BeinCrypto
