DYDX, the native cryptocurrency of decentralized exchange dYdX, is facing a half-billion dollar unlock.
This week in dYdX according to Token Unlocks data for 505 million dollars corresponding 150 million DYDX will enter circulation. Approximately 24 hours later on the DeFi platform $7 million There will be a lock opening but the real important opening is night of December 1 It will happen.
The stock exchange announced the lock opening planned to take place at the beginning of this year. to December He had postponed it. With the said postponement announcement DYDX There was a huge increase in price.
The altcoins in question are; It will be reserved for investors, founders, past and future employees. With the lock opening this week, the circulating supply of DYDX, which is currently 180 million, will be almost It will double.
What to expect at the price
On-chain analytics platform Lookonchain announced on November 27 in the statementdYdX Foundation a16z crypto, Defiance Capital and Polychain Capital He said that he transferred tokens to investor wallets. However, the data shows that many investors bridges DYDX it was noticed.
Currently, DYDX worth $1.47 billion is bridged. 43.74% of the total supply It creates. Since the bridging process in question is one-way 437 million DYDX, wethDYDX smart contract will be locked permanently.
The biggest 20 wallets have 85% of the total supply assuming that the wallets are held and that most of these wallets belong to exchanges. DYDX will not experience major selling pressure is considered.
According to CoinGecko data in bitcoin (BTC) last with the correction 24 hourly in the period 6.4% in decline DYDX, while writing from $3.23 is being traded.