Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
DYdX to release 6.52 million tokens valued at $14 million for community treasury and incentives.
The decentralized exchange (DEX) platform dYdX is set to unlock $14.02 million in its native DYDX tokens, which will be designated for its community treasury and rewards for traders and liquidity providers.
On August 29, dYdX will distribute 6.52 million tokens, accounting for 3.76% of the circulating supply of DYDX. From this total, 2.49 million DYDX tokens, valued at $5.36 million, will be directed to the community treasury. The treasury is responsible for funding contributor grants, community projects, liquidity mining, and other initiatives.
Upcoming dYdX unlock event. Source: token.unlocks.app
The remaining 4.03 million DYDX tokens will be divided between rewards for liquidity providers (1.15 million tokens worth $2.47 million) and trading rewards (2.88 million tokens valued at $6.18 million).
Full funds allocation for dYdX. Source: token.unlocks.app
dYdX previously executed a similar unlock event on August 1 with the same distribution of funds. According to data from TokenUnlocks, investors hold the largest share at 27.7%, followed by trading rewards and the community treasury at 20.2% and 16.2%, respectively.
Total unlock progress for dYdX. Source: token.unlocks.app
Related Posts
DYDX has a total supply cap of 1 billion tokens, with over 75% currently locked, as illustrated above.
Related: dYdX exchange launches testnet for ‘fully decentralized’ version 4
Antonio Juliano, the founder of dYdX, recently advised crypto entrepreneurs to consider markets outside the United States.
Crypto aligns with American principles. What could embody American capitalism more than a financial system that is of the people, by the people, and for the people?
That is precisely what we are constructing here. America will eventually recognize that.— Antonio | dYdX (@AntonioMJuliano) August 25, 2023
Juliano highlighted that crypto startups might achieve faster growth in more favorable international markets:
“Crypto builders should consider pausing their services to U.S. customers for the time being and aim to re-enter in 5-10 years. The complications and compromises are not worth it. The majority of the market exists overseas. Innovate there, establish product market fit, and then return with greater leverage.”
As the U.S. government continues to delay the establishment of crypto regulations, Juliano indicated that the crypto industry needs to expand further to gain more influence over U.S. policy.
Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon
