An important event will occur in the cryptocurrency world, especially regarding the dYdX (DYDX) altcoin. On December 1st at 03:00 (UTC+0 00:00), a major unlock event will take place where 150 million DYDX (approximately $485 million) or 83.2% of the circulating supply will be unlocked.
Currently, the top 20 DYDX holders hold 849 million DYDX ($2.74 billion), accounting for 84.9% of the total supply. Notable wallets include Teneo (3AC clearing company), Defiance Capital (investor) and Wintermute Trading (market maker).
In the month before the unlock, approximately 8.87 million DYDX ($28.9 million) had been sold through decentralized exchanges or deposited by whales and venture capitalists on Binance, Kraken, and OKX. CMS Holdings invested the largest amount into Binance with 2.29 million DYDX ($5.41 million), followed by whale 0x2a2 with an outflow of 1.50 million DYDX ($4.89 million).
Interestingly, many whales and venture capitalists have chosen to bridge their DYDX to the dYdX chain. So far, a total of 438.1 million DYDX ($1.42 billion) have been bridged, accounting for 43.8% of the total supply. The amounts bridged came from some dYdX investors such as a16z crypto, which bridged 42.69 million DYDX, and other venture capitalists such as Blockchain Capital, which bridged 9.51 million DYDX.
wethDYDX smart contract is a one-way bridge, which means it will permanently lock DYDX in the contract.
Previously, this amount was supposed to be opened last January, but was ultimately postponed until December 1, 2023. The delay in the unlock date had caused the price to increase by 87% within a week.
*This is not investment advice.
