DYDX's Token Flood: $500 Million to Hit the Crypto Market! – Coinpedia Fintech News
November 27, 2023DYDX is releasing 150 million tokens, worth $500 million, on December 1st.
The token release was originally planned for January 2023 but was delayed due to market conditions.
Other projects with upcoming token unlocks include Optimism, 1inch, Aptos, and APE.
Get ready for a crypto rollercoaster, happening on December 1st, as DYDX, a big name in the crypto world, is about to release a whopping 150 million tokens valued at an eye-popping $500 million. But it’s not just DYDX making waves; tokens from OP, 1inch, APT, and APE are also stepping into the spotlight in the months to come.
DYDX’s Financial Storm
On December 1st, DYDX plans to release about 150 million tokens—81.63% of what’s currently out there and a big chunk (15%) of the total supply. Here’s the breakdown: 30% goes to Investors, Founders and Employees get 45.72 million, Future Employees get 21 million, 1.58 million is set aside for Trading Rewards, and Liquidity Provider Rewards get 575.35k.
This unlocking bonanza accounts for nearly 80% of all DYDX in circulation, with a jaw-dropping value of $500 million, according to The Block’s price data.
Also Read: Top DeFi Tokens: DYDX, RUNE and CAKE Price Analysis
A Shift in Unlocking Plans
Originally planned for January 2023, the token release got delayed due to a not-so-great market. Looking to 2024, we’re expecting a monthly unlocking pattern, with almost 34 million DYDX tokens unlocking each month for the first half of the year. The current supply of 188 million tokens is predicted to nearly triple, reaching about 553 million tokens by June 1, 2024.
DYDX Chain Challenges
Even with all this excitement, there’s a twist. These tokens are set to unlock on the DYDX chain, which doesn’t have support from the usual exchanges. Plus, the Ethereum-DYDX chain bridge only goes one way, making it impossible to change DYDX chain tokens back to ERC-20.
This unique situation adds a layer of complexity to the market dynamics. People are expecting a price drop due to increased Open Interest (OI) in DYDX, but the tokens can’t be dumped right away since the unlocks are on the DYDX chain.
Other Tokens Join In!
Beyond DYDX, other big projects are getting ready for their token unlocks. Optimism plans to unlock 24.16 million OP tokens, worth over $42 million, and 1inch is gearing up to release about 98.74 million 1INCH tokens, valued at around $34.5 million.
According to TokenUnlocks, Aptos, a layer 1 blockchain platform, is set for a big token unlock on December 12th—24.84 million APT tokens, valued at $180 million. Additionally, around December 26th, about 15.16 million APE tokens, valued at $25 million, are set to hit the crypto market.
As these tokens get unlocked, the crypto world is in for an exciting ride.
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