According to a memo, dYdX has delayed token unlocks for investors until the end of the year.
This will dramatically lower the number of tokens that will enter circulation on February 3, when the unlocks were due to occur — and when others are still scheduled to occur.
The DEX exchange unexpectedly postponed the token unlock time by up to 10 months, pushing up the price of DYDX.
According to a message addressed to investors, decentralized exchange dYdX has postponed token unlocking for investors until December 1 from February 3. The exchange had planned to distribute 150 million tokens ($282 million) to investors, community members, and the project’s treasury next month, effectively doubling the existing supply — with additional tokens to be released in the coming months. Postponing investor unlocks reduces this sum by 83 million tokens ($156 million), deferring a large portion of the impact until the end of the year.
Seen on The Block Pro’s headline: DYdX pushes back $156 million of token unlocks for investors to December from February.Members got first access to news. pic.twitter.com/78r3cRmyhr
— Steven (@Dogetoshi) January 25, 2023
According to the revised timeline, the 83 million tokens — 30% of the total 277 million tokens meant for investors — will be released on December 1st. Following that, 40% of the total tokens will be unlocked monthly for the next six months, 20% for the next year, and 10% for the year after that. DYdX is presently built on StarkEx, a zero-knowledge proof-powered layer built on top of Ethereum, but it is in the process of replacing it with its own application-specific blockchain in the Cosmos ecosystem.
The price of dydx has risen in recent days, reaching $1.88 today from roughly $1.30 on January 19. The token has reached its highest level since early December. Tokens in the larger crypto market have also increased over that period, albeit by far less.
The price of DYDX increased by 25% to $2.2 in response to the news. Nonetheless, dYdX has yet to issue an official announcement on the change to the token unlocking method.
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This article has been originally published at: https://news.coincu.com/162446-rumor-dydx-has-postponed-tokens-unlock/?SNAPI