Token for dYdX (DYDX) Rises 20% Before Big Unlock Event.
dYdX, a decentralized exchange (DEX) at first, has lately launched its own layer-1 blockchain using Cosmos technology, broadening the scope of its operations.
A new incentives system has been implemented as a result of this calculated move, giving validators a cut of trade profits in exchange for maintaining the network.
The idea that DYDX would move from the Ethereum blockchain to its own dYdX chain has caused the token's price to more than quadruple over the last month.
As the ecosystem gets ready for the release of nearly $500 million worth of tokens, market optimism could encounter some resistance.
From 179 million to 395 million DYDX tokens will be in circulation after this unlock, per token.unlocks.
The delayed unlock until December, which was once planned for January, has already contributed to an earlier price increase in this years.
