BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

DYDX Token Surged 60% this Week and Here is Why

BlockNews.com Team by BlockNews.com Team
November 15, 2023
in Breaking News, Business, Crypto
DYDX Token Surged 60% this Week and Here is Why

#image_title

Share on TwitterShare on Reddit
  • DYDX launched its own layer 1 blockchain this week built on Cosmos, allowing faster and cheaper transactions compared to Ethereum while still being EVM compatible.
  • DYDX’s token price has risen around 50% over the past week ahead of a major token unlock event happening on December 11th, when over 500 million DYDX tokens will become transferable.
  • This token unlocks accounts for over 20% of DYDX’s total supply, so the markets are anticipating some volatility around the added circulating supply.

The decentralized exchange debuted its layer 1 blockchain based on Cosmos this week. DYDX‘s token has seen significant price appreciation ahead of a large token unlock coming up.

🚨 NEWS: $DYDX surged 60% this week ahead of its $500 million token unlock.

Expanding its circulating supply from 179 million tokens to 395 million.

The launch of dYdX's layer-1 blockchain on Cosmos is also a leading factor 👀 pic.twitter.com/bU7AzHR2qx

— BlockNews.com (@blocknewsdotcom) November 15, 2023

DYDX Blockchain Launch

Earlier this week, DYDX launched its own layer 1 blockchain. The Ethereum-based DEX migrated to a custom blockchain built using the Cosmos SDK. This allows DYDX to offer faster and cheaper transactions compared to Ethereum.

The new DYDX chain combines the security of proof-of-stake with the Ethereum Virtual Machine (EVM) compatibility. This enables direct bridges to Ethereum, allowing assets and applications to move between the two chains.

Price Impact of Token Unlock

DYDX’s token price has risen around 50% over the past week. This comes ahead of a major token unlock event happening on December 11th.

Around 77% of DYDX’s total supply is currently locked. On December 11th, over 500 million DYDX tokens will become transferable. This is over 20% of the total supply.

The token unlock has likely contributed to the recent price rise, as investors accumulate ahead of the added circulating supply. Following the unlock, some selling pressure is expected on DYDX.

Conclusion

The launch of its own layer 1 blockchain is a major milestone for the DYDX project. This will allow the decentralized exchange to scale while still benefiting from Ethereum’s security and liquidity.

The upcoming token unlock is noteworthy for DYDX holders. With over 20% of supply becoming transferable, the markets are anticipating some volatility around the event.

Tags: BlockchainBusinesscryptodYdXethereum
Tweet1ShareShare1
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Coinbase Gains Market Share as Binance Faces US Legal Hurdles
Business

Coinbase Gains Market Share as Binance Faces US Legal Hurdles

December 3, 2023
Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise
Breaking News

Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise

December 3, 2023
Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration
Crypto

Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration

December 3, 2023
Bitcoin and Ethereum Hit New Yearly Highs and Here is Why
Breaking News

Bitcoin and Ethereum Hit New Yearly Highs and Here is Why

December 2, 2023
Around the Block
Breaking News

Around The Block: December 01 Week in News

December 2, 2023
Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims
Breaking News

Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims

December 2, 2023
Load More
Next Post
‘Weirdo Ghost Gang’ Brings NFTs to Chengdu Dairy Queen

'Weirdo Ghost Gang' Brings NFTs to Chengdu Dairy Queen

Half of Crypto Lost in 2022 was Due to Web2-based Security Flaws

Half of Crypto Lost in 2022 was Due to Web2-based Security Flaws

G2A Launches Marketplace for NFTs, Boosting Blockchain Gaming Options

G2A Launches Marketplace for NFTs, Boosting Blockchain Gaming Options

Related News

crypto regulations

The New Tax Rules in the US Could See Crypto Companies Exiting the Country En Masse. 

April 12, 2023
lunarcrush

Nakamoto_1: The Interplanetary Bitcoin Treasure Hunt

March 27, 2023
Sui Logo

Sui Foundation Refutes Claims of Unloading Staking Rewards on Binance

June 29, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Coinbase Gains Market Share as Binance Faces US Legal Hurdles December 3, 2023
  • Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise December 3, 2023
  • Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration December 3, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.