dYdX unlocks tokens worth about $13.8 million

dYdX unlocks 6.52 million DYDX tokens worth $13.82 million.

Decentralized exchange dYdX will unlock 6.52 million DYDX tokens worth $13.82 million, according to data from TokenUnlocks.

The amount represents 3.76% of the asset’s total supply. The tokens to be issued are intended for:

• 2.49 million DYDX ($5.28 million) — for the community treasury;
• 4.03 million DYDX ($8.54 million) — for trader rewards and liquidity providers.

In total, more than 75% of the planned 1 billion DYDX supply remains locked. The largest share of assets is allocated to investors — 28%. The team will ultimately receive 15%, the community 16%, and 20% of tokens will go to trading incentives.

The previous tranche of 6.52 million tokens entered the market on August 1.

In the 24 hours preceding the next unlock, the price of DYDX fell by around 2%. The token is trading at around $2.12, which is more than 92% below its September 2021 high of $27.86.

Earlier in July, the dYdX team launched a new testnet based on Cosmos and the Tendermint consensus protocol to move toward full decentralisation.