dYdX Foundation has unlocked 150 million DYDX tokens, worth approximately $500 million, from a 50% supply allocated to investors, founders, teams, and other executive benefits.
The unlock event was scheduled for December 1, and it has released 150 million tokens to beneficial entities, according to Lookonchain. However, concerns are raised over the unlocking as investors are freely transferring newly unlocked DYDX tokens to Binance.
Lookonchain noted that three whales have transferred nearly $21.5 million worth of DYDX tokens to Binance right after unlocking.
DYDX is the native token of dYdX decentralized exchange (DEX), one of the most popular platform for trading Perpetuals. It is backed by several prominent investors including a16z, Paradigm, Polychain Capital, and numerous others.
In decentralized finance, the token unlocking events usually tend to bring a bearish sentiment for the asset market. While the unlocking for DYDX was huge with over 80% addition to its current circulating supply, it has made a significant impact on token price.
DYDX has unsurprisingly dropped more than 13% in the past 7 days which is currently trading at $3.17, according to data from Coinmarketcap.
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