Ethereum

Token

Foundation

Cosmos

Defiance

<div class="dailyhodl">
 <p>Whales have started shifting a decentralized exchange altcoin ahead of a massive $505.5 million token unlock.</p>
 <p>dYdX (DYDX), a decentralized exchange (DEX), migrated from Ethereum (ETH) to Cosmos (ATOM) and launched&nbsp;its own dYdX Chain last month.</p>
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 <p>The new chain was developed as a standalone blockchain based on the Cosmos SDK (software development kit) and Tendermint consensus protocol.</p>
 <p>The project is slated to unlock 150 million DYDX on December 1st, according to the crypto tracker Lookonchain.</p>
 <p><em>“On-chain data shows that the dYdX Foundation has sent tokens to investor addresses, including a16z crypto, Defiance Capital, and Polychain Capital.</em></p>
 <p><em>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.</em></p>
 <p><em>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.”</em></p>
 <p>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.</p>
 <p>Additionally, Lookonchain notes that a whale deposited 1.5 million DYDX worth more than $5 million to Binance last week.</p>
 <p>DYDX is trading at $3.17 at time of writing.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/whales-start-shifting-dex-token-ahead-of-massive-505-500-000-unlock-tbt71901.html">https://thebittimes.com/whales-start-shifting-dex-token-ahead-of-massive-505-500-000-unlock-tbt71901.html</a></p>

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

TheBitTimes

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