Cryptocurrency exchange dYdX has postponed the unlocking of tokens

Representatives of a well-known decentralized exchange reported that their plans for unlocking DYDX tokens have been changed. Initially, the coins were supposed to be unlocked on February 3, after which the community could withdraw 150,000,000 coins. Thus, the supply of a digital asset could double. Now, representatives of the site have announced that 83,000,000 of these 150,000,000 tokens will become available to users only by the end of 2023.

After such news, the token reacted quite positively to the event and in the shortest possible time the value increased by 30%. At the time of writing, the value of one coin is $2.07. Previously, the token reached the level of $2.18, after which it corrected.

The dYdX exchange differs from many other decentralized platforms in its specifics and the range of services provided. The administration allows users to work with margined trading assets and use perpetual contracts. Such opportunities are usually provided by the owners of centralized sites, but in the case of dYdX, the situation is somewhat different.

In addition, exchange administrators give users the opportunity to use lending services. The platform works through smart contracts in the Ethereum blockchain, however, all operations of exchange participants work directly between them and do not require an intermediary in the person of the exchange.

On August 3, 2021, DYDX was released online for the first time. The total emission of tokens will have to be 1,000,000,000 coins, but at the moment only 156,256,174 DYDX circulate in the blockchain. All coins will need to be unlocked within five years. 27.7% of the total issue will be distributed among the people who believed in the project before everyone else and invested their financial resources there, that is, among early investors. Another 15.3% will be given to current employees of the cryptocurrency exchange and another 7% to those who will come to work for dYdX in the future.

Funds intended for early investors were supposed to open on February 3, however, according to the new schedule, the unlock was postponed to December 1, 2023. 40% of all unlocked funds must be released from the lock from January to June 2024 every month on the 1st. Another 20% will be issued to investors from July 2024 to June 2025 under the same scheme. Another 10% - in the period from July 1, 2025 to June 1, 2026.

Analyst firm Santiment previously reported that the dYdX platform benefited a lot from the fall of the American cryptocurrency exchange FTX. After the collapse of the Sam Bankman-Freed platform, the value of dYdX increased 2.3x in less than a week. After withdrawing from the staking pool of DYDX tokens for a total of $26,000,000, the value of the asset fell by 30%.