CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,052.00
  • ethereum
    ETH$1,647.42
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » dYdX Extends 156 Million Token Lock-up Period by 10 Months

    dYdX Extends 156 Million Token Lock-up Period by 10 Months

    Author: Andrew Throuvalas

    Last Updated Jan 26, 2023 @ 00:08

    Depending on the math used, the end of the lockup could have released $300 million worth of DYDX back onto the market

    Decentralized cryptocurrency exchange dYdX has postponed plans to unlock nearly $300 million worth of dYdX tokens for investors, extending the lockup period from February until December. 

    Since the news broke, DYDX has surged by 24% on the day. 

    Extending the Lock-up Period

    As announced by dYdX on Wednesday, the dYdX foundation, dYdX trading, and parties to the warrants for purchasing DYDX tokens signed an amendment to extend the transfer restriction schedule of said tokens. This included postponing their initial release date from February 3 to December 1.

    “The warrant amendment mentioned above does not alter the staggered unlock that occurs after the initial unlock date,” the foundation clarified.

    The dYdX foundation is a Swiss non-profit formed to bolster the growth of dYdX’s protocol ecosystem and communities. The protocol itself is governed by holders of DYDX – a governance token that simultaneously offers rewards to holders through token staking and trading fee discounts. 

    At present, only about 15% of DYDX’s total 1 billion token supply has entered circulation. The token’s initial allocation in August 2021 was partially reserved for investors in dYdX Trading, as well as the company’s present/future employees, founders, and consultants.

    ADVERTISEMENT

    Going forward, the next token unlock will include a 30% unlock on December 1, followed by a 40% unlock spread between the first 6 months of 2024. 

    The first day of each month for the following 12 months will cumulatively unlock another 20% of tokens, while the next 12 months unlock the final 10% of tokens. That means all dYdX unlocks will be complete by June 1, 2026. 

    dYdX Pump

    dYdX began trading at $1.56 on Wednesday, before rocketing to over $2.00 at 11:25 ET. It is now trading at $1.93, up roughly 25% on the day. 

    The initially planned release, scheduled for next week, would have unlocked 156 million dYdX tokens. Cumulatively, that’s $243 million worth of tokens based on Wednesday’s starting price, and $301 million based on its current price. 

    dYDX was one of the few tokens to benefit from FTX’s downfall in November, surging 50% within a week after it filed for bankruptcy. The exchange prides itself on being non-custodial, thus eliminating the counterparty risk associated with similar centralized exchange failures. 

    Nevertheless, those behind the protocol have confessed to blocking addresses linked to the Ethereum privacy tool Tornado Cash, at the request of the Treasury Department. 

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • dydx
      dYdX Could be Among Largest Beneficiaries From FTX Collapse: Report
    • DeFi_Hacks
      Defrost Finance Recovers Stolen Funds, Will Repay Customers
    • 1inch_Fusion
      1inch Network Introduces Fusion Update for DeFi Swaps
    Tags: DeFi
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Andrew Throuvalas
    More posts by this author

    Andrew is a content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
    Contact: Medium | LinkedIn | Twitter

  • bitcoin
    BTC$23,052.00
  • ethereum
    ETH$1,647.42
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!