dYdX Leads as Crypto Projects Release $500 Million in Tokens in December

Key Takeaways:

• dYdX, a decentralized exchange, is set to unlock 150 million tokens, equivalent to 30% of its allocated tokens, for investors, founders, and employees on December 1.
• Other notable unlocks include Optimism, unveiling 32.21 million tokens on November 29, and 1inch, releasing 98.74 million tokens on December 1.
• Aptos and ApeCoin will follow suit, unlocking 24.84 million tokens ($180 million) on December 12 and 15.16 million tokens ($25 million) on December 16, respectively.

In the coming weeks, the crypto space will be abuzz with major token unlocks and airdrops as various crypto projects prepare to release substantial amounts of tokens. Among them, the decentralized exchange dYdX is poised to unlock a significant milestone of $500 million worth of tokens, marking a crucial moment in its development.

As per the updated timetable, on December 1, the release of 150 million tokens—constituting 30% of the overall 500 million tokens designated for investors, employees, and consultants—will take place. Subsequently, in the following six months, 40% of the total tokens will be unlocked monthly. This will be followed by a release of 20% over the succeeding year and a final 10% in the subsequent year.

Back in January 2023, when dYdX pushed the token unlocks to December 2023, the release note also contained the initial 5-year plan for the DEX.

Read More: DyDx Price Prediction

Source: dYdX

Standing at $3.34 at the time of writing, the dYdX token saw a surge in its price back in January following the news of the token release. However, the exchange has recently taken a hit to its insurance fund, of about $9 million, in what its CEO called a “targeted attack.”

This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market

We are investigating alongside several partners and will be transparent with what we discover https://t.co/djWHaaPIua

— Antonio | dYdX (@AntonioMJuliano) November 18, 2023

Source: The Block

Conclusion

As we approach December, the crypto community anticipates the release of substantial token amounts from various projects. dYdX’s unlocking of $500 million worth of tokens is a standout event, reflecting the dynamic nature of the crypto market. Stay tuned for these unlocks, as they are likely to impact the market and trigger increased trading activity.

Source: The Block