dYdX Delays Token Unlock to December
centralized exchange dYdX will unexpectedly delay its token unlock by up to 10 months, causing a surge in DYDX prices.
As of late January 25, dYdX has confirmed the postponement of the token unlock schedule for investors, employees, and advisors to December 2023, involving a total of 400 million DYDX tokens.
The unlocked tokens will be distributed as follows:
- 30% on December 1, 2023
- 40% distributed evenly on the first day of each month from January 1, 2024, to June 1, 2024
- 20% distributed evenly on the first day of each month from July 1, 2024, to June 1, 2025
- 10% distributed evenly on the first day of each month from July 1, 2025, to June 1, 2026
📢Token Unlock Update📢
— dYdX Foundation 🦔 (@dydxfoundation) January 25, 2023
dYdX Trading Inc., dYdX Foundation and certain parties to the Warrants to Purchase Tokens signed an amendment to, among other things, postpone the initial release date applicable to investor $DYDX tokens to Dec 1, 2023
Blog: https://t.co/froqUPL3ay
🧵👇🏻
Original Report:
Seen on The Block Pro's headline: DYdX pushes back $156 million of token unlocks for investors to December from February.
— Steven (@Dogetoshi) January 25, 2023
Members got first access to news. pic.twitter.com/78r3cRmyhr
According to a source from The Block, dYdX was initially set to unlock 150 million DYDX tokens (worth $282 million) on February 3, 2023, for early investors, community members, and the project's own fund. This would have doubled the current circulating supply of DYDX from 156 million. In subsequent months, dYdX would have continued unlocking additional tokens.
The Block confirms that with this new schedule, the allocation for investors—83 million DYDX tokens, worth $156 million—will now be unlocked in December, reducing selling pressure on the market.
DYDX Unlock Schedule. Source: Token Unlocks
The DYDX price immediately reacted positively to the news, jumping 25% to $2.20.
1-Hour Chart of DYDX/USDT on Binance as of 11:35 PM on January 25, 2023
