Dydx extends the blocking period of 156 million tokens by 10 months
Dydx extends the blocking period of 156 million tokens by 10 months
The decentralized cryptocurrency exchange Dydx has postponed plans to release DYDX token worth almost $ 300 million for investors and extended the blocking period from February to December.
since the news became known, Dydx has risen by 24 % that day.
Extension of the blocking period
as announced on Wednesday the Dydx Foundation, Dydx trade and the parties of the option certificates signed a change to Extension of the transfer plan of these tokens. This included the shift of the original publication date from February 3 to December 1st.
"The change in the arrest warrant mentioned above does not change the staggered unlocking, which takes place after the original unlocking date," the foundation made clear.
The Dydx Foundation is a Swiss non-profit organization that was founded to promote the growth of the protocol ecosystem and the communities of DYDX. The protocol itself is regulated by Dydx owners-a governance token that at the same time offers the owners rewards from token-staking and discounts on trade fees.
Currently only about 15 % of the total 1 billion token offer from Dydx came into circulation. The initial allocation of the token in August 2021 was partially reserved for investors in Dydx Trading as well as the current/future employees, founders and consultants of the company.
In the future, the next token activation will include an activation of 30 % on December 1st, followed by a activation of 40 % between the first 6 months of 2024.
The first day of each month for the following 12 months will be unlocked further 20 % of the tokens, while the last 10 months unlock the last 10 months. This means that all DYDX activities will be completed by June 1, 2026. Dydx began to act at $ 1.56 on Wednesday before it rose to over $ 2.00 at 11:25 a.m. It is now traded at $ 1.93, which corresponds to an increase of about 25 % throughout the day. The originally planned publication, which is planned for next week, would have unlocked 156 million Dydx token. The token worth $ 243 million, based on the starting price on Wednesday, and $ 301 million, are cumulative. dydx was one of the few tokens advantage after the fall of FTX in November and rose by 50 %within one week after the bankruptcy application. The stock exchange is proud of not being kept, which eliminates the risk of opponent, which is associated with similar centralized stock exchange failures. Nevertheless, the backers of the protocol have blocked that addresses have blocked, which are linked to the Ethereum data protection tool Tornado Cash . dydx pump