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<p class="is-style-lead">The dYdX team is about to unlock 30% of DYDX supply to investors on the dYdX chain, causing the price of the token to fall as much as 7%.</p> 
<p>Decentralized exchange <a href="https://crypto.news/tag/dydx" target="_blank" rel="noreferrer noopener">dYdX</a> is set to unlock 30% of DYDX supply on Friday, Dec. 1, 2023, by issuing 500 million DYDX (also known as ethDYDX) tokens to past investors of dYdX Trading Inc.</p> 
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   <p lang="en" dir="ltr">2/ According to the token allocation of <a href="https://twitter.com/hashtag/dydx?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#dydx</a>, 50%(500M <a href="https://twitter.com/search?q=%24DYDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$DYDX</a>) is allocated to investors, founders, employees, advisors, consultants and future employees &amp; consultants.<br><br>Of which, 30%(150M <a href="https://twitter.com/search?q=%24DYDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$DYDX</a>) of them will be unlocked on Dec 1.<a href="https://t.co/GWTDxnHJxc" target="_blank">https://t.co/GWTDxnHJxc</a> <a href="https://t.co/HEXNoMc9wd" target="_blank">pic.twitter.com/HEXNoMc9wd</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1728980429829730688?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 27, 2023</a>
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<p>According to <a href="https://x.com/lookonchain/status/1728980433747227046?s=20" target="_blank" rel="noreferrer noopener">an X post</a> from Lookonchain, a blockchain analytics firm, the dYdX Foundation has sent tokens to investor addresses, including a16z crypto, Defiance Capital, and Polychain Capital.</p> 
<p>However, it appears that “many investor addresses have bridged DYDX” through multiple addresses via wethDYDX smart contract, which is a one-way bridge for DYDX tokens to be migrated from Ethereum to the <a href="https://crypto.news/dydx-published-open-source-code-of-its-blockchain/" target="_blank" rel="noreferrer noopener">dYdX Chain</a> network.</p> 
<p>As of press time, a total of 437.4M DYDX (worth nearly $1.5 billion) has been bridged, accounting for more than 40% of the total supply, Lookonchain said. Amid the news, DYDX price dropped by nearly 7% to $3.2, according to CoinGecko.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-exchange-dydx-increases-margins-after-9m-loss/"> Crypto exchange dYdX increases margins after $9m loss </a> </p> 
<h2 class="wp-block-heading" id="dydx-goes-to-dydx-chain">DYDX goes to dYdX Chain</h2> 
<p>In late Oct. 2023, the&nbsp;dYdX Foundation&nbsp;<a href="https://crypto.news/dydx-chain-goes-live-unveils-bridge-ui-for-token-conversion/" target="_blank" rel="noreferrer noopener">unveiled</a> a series of pivotal updates that signalled a new phase for the dYdX ecosystem. Most notably, the mainnet genesis of the dYdX Chain went live, with genesis validators having participated in the creation of its first block.</p> 
<p>The&nbsp;dYdX chain&nbsp;is currently in its post-genesis phase, comprising two stages: alpha and beta. The alpha stage focuses on enhancing the network’s stability and security. A critical part of this effort involves staking DYDX tokens to dYdX Chain validators, which improves network resiliency by making coordinated attacks more difficult.</p> 
<p>The transition to the beta stage will hinge on performance metrics and a successful governance vote, among other criteria. The beta stage aims to introduce limited trading functionalities and pave the way for a full-fledged version of the dYdX Chain.</p> 
<p> Read more: <a href="https://crypto.news/dydx-trading-transitions-to-public-benefit-corporation-foregoes-v4-trading-fees/"> dYdX Trading transitions to public benefit corporation, foregoes v4 trading fees </a> </p>

DYDX drops 7% as dYdX set to unlock 30% of supply to investors

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