The native token of the dYdX chain, DYDX/USD, has experienced a significant surge, witnessing a value increase of over 20% in the last 24 hours.
This surge comes as the market anticipates a substantial token unlock date for early investors and core team members, scheduled in just 16 days.
dYdX, originally a decentralized exchange (DEX), has recently expanded its operational scope by launching its own layer-1 blockchain, leveraging Cosmos technology.
This strategic move has introduced a new rewards system where validators earn a share of trading revenues for sustaining the network.
Over the past month, DYDX’s price has more than doubled, fueled by speculation around the token’s migration from the Ethereum blockchain to its native dYdX chain.
Despite the positive momentum, market optimism may face a challenge as the ecosystem prepares for the release of over $500 million worth of tokens.
This unlock will increase the circulating supply from 179 million to 395 million DYDX tokens, according to token.unlocks.
Originally scheduled for January, the deferred unlock to December has already played a role in an earlier price surge this year.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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