Whales Start Shifting DEX Token Ahead of Massive $505,500,000 Unlock

Whales have started shifting a decentralized exchange altcoin ahead of a massive $505.5 million token unlock.

dYdX (DYDX), a decentralized exchange (DEX), migrated from Ethereum (ETH) to Cosmos (ATOM) and launched its own dYdX Chain last month.

The new chain was developed as a standalone blockchain based on the Cosmos SDK (software development kit) and Tendermint consensus protocol.

The project is slated to unlock 150 million DYDX on December 1st, according to the crypto tracker Lookonchain.

“On-chain data shows that the dYdX Foundation has sent tokens to investor addresses, including a16z crypto, Defiance Capital, and Polychain Capital.

However, we noticed that many investor addresses have bridged DYDX. For example, a16z crypto has bridged all 42.69 million DYDX ($143.87 million) through multiple addresses.

Currently, 437.4 million DYDX ($1.47 billion) has been bridged, accounting for 43.74% of the total supply. Since it is a one-way bridge, this 437.4 million DYDX will be permanently locked in the wethDYDX smart contract.”

The institutional trading platform FalconX withdrew a total of 1.14 million DYDX worth $3.84 million from the top crypto exchange Binance over a five-day period, according to Lookonchain.

Additionally, Lookonchain notes that a whale deposited 1.5 million DYDX worth more than $5 million to Binance last week.

DYDX is trading at $3.17 at time of writing.

Comments

Post a Comment

Popular posts from this blog

Tron rising as Rebel Satoshi’s Early Bird presale phase sells out

Rebel Satoshi presale ongoing.  Supporters bullish on RBLZ  TRON could soar to $0.2 in 2024. Tron (TRX) is on a tear, but some analysts are still skeptical. Amid this, Rebel Satoshi (RBLZ), a new crypto project, has caught the attention of investors. Rebel Satoshi draws investors Rebel Satoshi has been attracting investors with its unique blend of a meme coin and a movement focused on reshaping the crypto landscape.  As investors seek alternatives to underperforming assets, they are drawn to Rebel Satoshi’s narrative and Features . At the heart of Rebel Satoshi lies RBLZ, a governance and membership token. You might also like: Analysts focus on Rebel Satoshi, Shiba Inu, and Zcash ahead of crypto bull run Holding RBLZ grants a stake in the movement and provides access to quests, rewards, and a community dedicated to shaping a fully decentralized crypto future. The early stages of Rebel Satoshi’s public presale have seen over 10 million tokens sold within just 48 ho
Read more

Rebase Tokens: What Are They & How Do They Work?

Image
If you're interested in cryptocurrency, you've probably noticed that the price of many digital assets can be highly volatile. This can make it challenging to use cryptocurrency as a means of exchange or as a store of value. Rebase tokens, also known as elastic tokens, seek to offer a solution to this problem.  In this article, we'll explore what rebase tokens are, how they work, and whether or not they might be a good investment for you.  What Are Rebase/Elastic Tokens? Rebase tokens are a type of cryptocurrency that adjusts their supply to maintain price stability. This is in contrast to traditional cryptocurrencies, which have a fixed supply determined at the time of their creation. Rebase tokens achieve price stability through a process known as a "rebase," which is triggered at regular intervals (e.g., every 24 hours). During a rebase, the supply of the token is adjusted based on a predetermined formula.  For example, if the demand for a re
Read more

Lloyds Bank issues urgent warning of crypto scams in the UK

Image
A recent press release issued by Britain’s Lloyds Bank shares that crypto scams that have surged 23% over the course of the year. Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks. Social media home base The press release goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.  Additional data goes on to state that 66% of all investment scams originate on social media platforms, with Instagram and Facebook emerging as the primary sources. You might also like: Kraken helps UK police in recovering $2m in stolen crypto Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds shares that the money is ty
Read more