The dYdX Community Approves Wintermute Proposals for DYDX Token Unlock
The dYdX (DYDX) community has unanimously voted in favor of Wintermute proposals, which include adopting the dYdX version 4 (V4) software. This comes as a $14 million token unlock gets underway. Wintermute, a cryptocurrency market maker, has pitched the adoption of an open-source V4 software. Voting for the proposal started on Tuesday and will conclude on September 2.
Key Points:
- Wintermute has proposed the adoption of the V4 open-source software
- The proposal has received a 100% vote in its favor
- Over 6.52 million DYDX tokens, worth $14 million, were unlocked
- The tokens will be allocated to the community treasury, liquidity provider rewards, and trading rewards
- dYdX had previously unlocked tokens on August 1, causing a price drop
dYdX has remained range-bound between $2.248 and $1.899 since mid-July. Currently, the price is testing the resistance at $2.248, which coincides with the 200-daily Simple Moving Average (SMA) and a horizontal resistance area.
Hot Take:
The unanimous approval of Wintermute proposals by the dYdX community indicates strong support for the adoption of the V4 software and the token unlock. However, the previous token unlock caused a price drop, so it remains to be seen how the market will react this time. Keep an eye on the resistance at $2.248 as it could potentially be a crucial level for DYDX’s price in the near future.
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