dYdX delays $282 million token unlock

dYdX Foundation and dYdX Trading postponed the planned unlock of 150 million utility tokens of the decentralized derivatives exchange (worth $282 million) from February 3 to December 1, 2023.

📢Token Unlock Update📢

dYdX Trading Inc., dYdX Foundation and certain parties to the Warrants to Purchase Tokens signed an amendment to, among other things, postpone the initial release date applicable to investor $DYDX tokens to Dec 1, 2023

Blog: https://t.co/froqUPL3ay

🧵👇🏻

— dYdX Foundation 🦔 (@dydxfoundation) January 25, 2023

The tokens are intended for investors, employees and consultants.

Under the revised vesting schedule:

• 150 million tokens — 30% of the total 500 million slated for unlock — will unlock on December 1;
• 40% of the total — monthly in equal parts over the next six months;
• 20% — during 2024;
• 10% — during 2025.

Under the original plan, the circulating supply of tokens would have doubled within a week.

The price of DYDX reacted positively to the news, showing a 20.7% daily rise to $2.28, according to CoinGecko. Over the last 30 days the asset has almost doubled.

The launch of dYdX Foundation — an independent organisation headquartered in the Swiss town of Zug — announced in August 2021. At the time, exchange representatives called the structure an important step toward the full decentralisation of the dYdX protocol.

In October, the organisation’s CEO became former ConsenSys top executive Charles d’Ossi.

In June, dYdX announced the creation of its own network using Cosmos SDK.

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