2023-11-29
dYdX is a
decentralized exchange that lets users trade derivatives and futures. Traders
can leverage up to 20x. Traders can also short cryptocurrencies.
dYdX
recently has a transition from ERC-20 tokens on Ethereum to having its own
blockchain called dYdX Chain, it built using Cosmos SDK with DYDX as the native
token.
dYdX will unlock 150 million DYDX
tokens on December 1, 2023. DYDX total supply is 1 billion tokens. Therefore,
15 percent of total supply will be unlocked on December 1. On December 1, DYDX
circulating supply will increase from 16.12 percent to 31.12 percent.
150 million tokens if trading at $3.18 per tokens
they will be worth $477 million. These 150 million tokens will be distributed
to investors, founders and employees in December.
83.19 million tokens worth $264.5 million will
go to investors. a16z crypto and Polychain capital are among dYdX’s
investors.
DYDX tokens’ trading volume have
increased 10-fold after dYdX has its own chain called dYdX Chain, daily trading
volume increases from over $30 million to over $300 million.
