The dYdX exchange has planned to unlock around $500 million worth of tokens in the platform’s first prominent token unlock event. The number of tokens accounts for 30% of the total token supply.
Quick Take:
- dYdX exchange will unlock millions of dollars worth of tokens on December 1.
- The platform looks to bounce back from a $9 million hit to its insurance fund.
- Several tokens line up for token unlocks in an interesting week within the crypto space.
The crypto industry is reaching the season of token unlocks, as many platforms have announced their token unlock events in December. One of the most prominent tokens unlock lined up in the coming days is dYdX. The decentralized exchange will unlock 150 million tokens on December 1, 2023.
dYdX had previously scheduled the token unlock event for February 2023. However, the exchange pushed the date ahead to December 1, 2023. The market reacted positively to this news then, as the token’s price significantly surged.
As per the exchange’s plan, 40% of total tokens will be unlocked monthly for the next six months after December. Following it, 20% of the tokens will be unlocked next year and 10% will be unlocked in the year after that.
Price Forecast of dYdX Following Recent Attacks
dYdX is currently trying to make a comeback after a $9 million attack on its insurance fund. The CEO of the exchange called it a series of targeted attacks against dYdX. The platform is still investigating the attack while reviewing the risk management measures for the fund.
Nonetheless, the exchange emphasized that its insurance fund is well-funded. Also, the dYdX team will be directly responsible for deposits and withdrawals from the fund. The dYdX token took a hit from the incident, causing a hiccup in its positive momentum.
The dYdX token is currently trading at a price of $3.26 after losing over 5% in the last week or so. Moreover, the market cap of the token stands at $588.40 million and the 24-hour trading volume is around the $124.90 million mark.
It is yet to be seen if the token unlocks event impacts dYdX’s market price bullishly and helps it restore the confidence of investors and traders. Historically, token unlocks have led to an increase in the selling pressure of the token, causing a fall in its price. The token is still far from its all-time high price of $27.86.
There are also some other prominent token unlock events in the coming week. Optimism is set to unlock 32.21 million tokens on November 29. 1inch will unlock 98.74 million tokens on December 1.
Around 69.13 million SUI tokens will be unlocked on December 3. Aptos will unlock 24.48 million tokens and ApeCoin will unlock 15.16 million tokens on December 12 and December 16, respectively. Other than these, AXL, ORBR, and SKL have also lined up for significant token unlocks.
