April 19, 2024
"DYDX DEX Unleashes $14.02 Million in Tokens for Community and Traders"
Latest Cryptocurrency News

DYDX Decentralized Exchange Unlocks $14.02 Million in Native Tokens for Community and Traders

Decentralized exchange (DEX) platform DYDX has announced the forthcoming unlocking of $14.02 million worth of its native DYDK tokens. These tokens will be distributed to the community treasury and as rewards for traders and liquidity providers.

On August 29, dYdX will make available 6.52 million tokens, which accounts for 3.76% of the total DYDX circulating supply. Among these, 2.49 million DYDX tokens, valued at $5.36 million, will be directed towards the community treasury. This Treasury is responsible for supporting contributor grants, community-driven initiatives, and liquidity mining, along with other related programs. The remaining 4.03 million DYDX tokens will be divided between liquidity provider rewards (1.15 million tokens worth $2.47 million) and trading rewards (2.88 million tokens worth $6.18 million).

A similar unlocking event took place on August 1, following the same allocation pattern. Data extracted from TokenUnlocks indicates that investors possess the largest allocation at 27.7%, trailed by trading rewards and the community treasury at 20.2% and 16.2%, respectively. DYDX holds a total supply of 1 billion tokens, with over 75% currently locked, as depicted above.

Juliano, in highlighting the potential for crypto startups to expand more rapidly in more favorable international markets, said, “Crypto builders should just give up serving US customers for now and try to re-enter in 5–10 years. It’s not really worth the hassle or compromises. Most of the market is overseas anyway. Innovate there, find PMF [product market fit], then come back with more leverage”.

As the U.S. government’s progress in establishing crypto regulations remains sluggish, Juliano proposed that the crypto industry must achieve greater expansion to exert more influence over U.S. policy.

Image by freepik

Related posts

Billionaire Tim Draper Launches Draper Goren Blockchain to Drive Crypto Innovation

Harper Hall

SEC’s Binance.US Software Access Bid Hits Temporary Setback

Chloe Taylor

Coinbase Stock Soars Ahead of Earnings, Fueled by JPMorgan’s Rating Upgrade

Christian Green

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More