dYdX, a decentralized exchange (DEX), will unlock over 33 million DYDX worth approximately $90 million on February 1. This significant token unlock is the second event in the last week, following a previous unlocking on January 23. dYdX To Unlock $90 Million Of Token: What Happens Next? According to Token Unlocks on January 30, the release will see the protocol distribute $49 million of tokens to investors. At the same time, the team and future employees will each receive approximately $27 million and $12.5 million, respectively. The upcoming token unlock event is part of dYdX’s ongoing cliff unlock schedule, which will continue for the next five months. During this period, more DYDX will be unlocked. Related Reading: Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why For token holders, the frequency and size of these token unlocks raise concerns about the potential impact on DYDX prices. While some experts believe that the gradual unlock schedule will help mitigate any adverse effects, others fear that a deluge of DYDX into the secondary market could lower prices. So far, the token remains in a general uptrend, looking at the price action from a top-down preview. Presently, DYDX is changing hands at around $2.8. Though it is down 35% from the December 2023 peaks, bulls are optimistic. The token has support at about $2.3, and the uptrend formation remains valid, provided bulls reject any attempt lower below this reaction level. The protocol still has over 60% of tokens locked up. Of this, 233.86 million have not been allocated a release timing. Additionally, Token Unlocks notes that in H2 2023, the protocol will decrease the amount of tokens it unlocks. For this reason, prices might stabilize and even rally should the market recover from the year’s rough start. V3 Deployed, Adds New Features To Trading Platform On January 29, dYdX Chain successfully deployed v3 at block height 7147832. The update introduced improvements impacting efficiency, trading performance, and general user experience. A big addition is the introduction of the Interchain Accounts Host Module, which enhances interoperability, reducing the time taken for users to switch between blockchains and manage assets. Related Reading: Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers Moreover, the DYDX v3 sees the introduction of liquidation daemons. This system will make it easier for traders to manage their margin positions and execute liquidations. The protocol reduced their requirements to simplify margin management and onboard more users. As of January 30, the protocol has generated over $545 million in trading volumes. More than $37 million in open interest and over 411,000 unique trades are posted on the platform. Feature image from Canva, chart from TradingView
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