Major Whales Move DEX Tokens in Anticipation of Enormous $505.5 Million Unlock
Whales are on the move as the decentralized exchange altcoin dYdX (DYDX) gears up for a significant $505.5 million token unlock.
Having recently transitioned from Ethereum to Cosmos and launched its independent dYdX Chain. Built on the Cosmos SDK and Tendermint consensus protocol. The project is set to unlock 150 million DYDX on December 1st. As reported by crypto tracker Lookonchain. On-chain data reveals that the dYdX Foundation has distributed tokens to investor addresses, including a16z crypto, Defiance Capital, and Polychain Capital.
Notably, a substantial portion of the DYDX supply, totaling 437.4 million ($1.47 billion), has been bridged. Constituting 43.74% of the total supply. With these tokens permanently locked in the wethDYDX smart contract. Lookonchain highlights institutional movements. With FalconX withdrawing 1.14 million DYDX worth $3.84 million from Binance over five days, and a whale depositing 1.5 million DYDX. Valued at over $5 million, to Binance last week.
Clever Robot News Desk 29th November 2023
