A report containing the 2023 token unlock events prepared by Token Unlocks has been on the agenda of the cryptocurrency market for the last week. XRP, FIL and OP are among the riskiest altcoin projects, with 5 billion tokens unlocked throughout the year. In a new development came the decision to postpone the altcoin, which will unlock 150 million tokens on February 3.
This altcoin dev has delayed its unlock date to the end of the year
As The Block reported, the decentralized exchange dYdX (DYDX) has delayed the token unlock date from February 3 to December 1. The exchange would release 150 million tokens ($282 million) on February 3, which are reserved for community members and the project’s treasury. Postponing the unlock date reduces that amount by 83 million tokens ($156 million) and delays a significant portion of the impact to the end of the year.
Key openings of tokens such as Aptos (APT) and Axie Infinity (AXS), which have historically shown a downward trend as token supply increases, have been on the agenda of the cryptocurrency market in recent months. cryptocoin.com In this article, we have included altcoin projects that will circulate a large amount of tokens this year.
DYdX is currently based on StarkEx, an Ethereum-based zero-knowledge proof-run layer, but is in the process of abandoning that platform for its own application-specific Blockchain in the Cosmos ecosystem. The central exchange acted as a safe haven in November amid concerns over the bankruptcy of FTX. Now, the token is in a double-digit rally with its unlocking delayed in December.
DYdX (DYDX) price up 15% after the news
Dydx price has been rising for the past few days. It rose from about $1.30 on Jan. 19 to $1.88 today. The token is currently trading at the highest levels since early December. The altcoin market in general also made significant gains during this time. With the new news, Dydx is rallying independently of its competitors today. During the day, it climbed to the level of $ 2,200, where it was last traded in December. At the time of writing, it is trading in the $1.9 region, where it has held its last 24-hour gains around 15%.
Token unlocking refers to the process of unlocking blocked tokens under the terms of any funding round or other fundraising program of the project. Unlock dates set years in advance run the risk of serious selling pressure as they are seen as opportunities among short traders.
An important factor to consider is situations where the token price may not react to a major unlock. These situations can be caused by a strong market maker, investors’ belief in the project, or a reluctance to sell cryptocurrencies.
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