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DYDX Token Surges as Unlock Gets Delayed Until December
Next month's 150 million-token unlock has been reduced, with 83 million tokens allocated to investors being locked until December.
Decentralized derivatives exchange dYdX has delayed the unlock of its native DYDX token for investors until the fourth quarter, the exchange announced in a blog post Wednesday.
The Block first reported on the news and the DYDX token surged as much as 21% following the publication of its report. The token was lately trading up 15% to $1.95.
STORY CONTINUES BELOW
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More than 150 million tokens had been planned to be released to early investors and dYdX founding team members on Feb. 3, but those plans have now been shelved until December.
Now, 83 million of those tokens allocated to investors will be unlocked on Dec. 1, reducing the scheduled increase in supply next month.
Volatile trading ahead of token unlocks has been a key narrative since the turn of the year, with tokens like aptos (APT) and axie infinity (AXS) recently bucking the trend by rallying into unlocks, which are historically a bearish event as token supply increases.
DYDX did not immediately respond to CoinDesk's request for comment.
UPDATE (Jan. 25, 17:38 UTC): Updated with dYdX's blog post and latest price movement.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
