In December, dYdX DEX Unlocks Tokens Worth Approximately $500M

In the upcoming month of December, the crypto sphere is gearing up for substantial token unlocks across various projects. Among these, the decentralized exchange platform dYdX stands out, preparing to unlock a significant portion of its tokens valued at around $500 million.

According to data from TokenUnlocks, on December 1st, dYdX is slated to unlock 150 million tokens, equivalent to 30% of the allocated supply for investors, founders, and the project’s team. The Block’s price data reveals that this volume of tokens holds an approximate value of $500 million. Notably, the price of DYDX has seen a sharp surge following the announcement of the unlock, starting from the revelation made on January 25th earlier this year. Initially scheduled for February, the token unlock plan was later postponed to December.

Source: Token Unlocks

Recent developments showcase dYdX allocating $9 million from its insurance fund to compensate for liquidations after a significant price drop of the YFI token. Around November 18th, approximately $9 million from dYdX V3’s insurance fund was utilized to provide liquidity for liquidation orders following a steep decline in the YFI token’s value. The fund remains operational with a remaining balance of $13.5 million. Antonio Juliano, the CEO of dYdX, stated on Twitter that this was a targeted attack on dYdX and suggested manipulation of the YFI token. The project team is collaborating with partners to further investigate this matter.

Apart from dYdX, several other prominent projects are gearing up to unlock tokens in the coming weeks. Optimism plans to unlock 24.16 million OP tokens, valued at over $42 million, while 1inch is set to unlock around 98.74 million 1INCH tokens, approximately $34.5 million in value. Additionally, as per TokenUnlocks, the layer 1 blockchain platform Aptos is poised for a crucial token unlock on December 12th, with 24.84 million APT tokens set to be released, equivalent to $180 million. Furthermore, around December 26th, approximately 15.16 million APE tokens, valued at $25 million, will enter the cryptocurrency market.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like