Get ready for a wild ride in the crypto world on December 1st as DYDX, a major player in the industry, plans to release a staggering 150 million tokens worth $500 million. But DYDX isn’t the only token making headlines. OP, 1inch, APT, and APE are also set to enter the spotlight in the coming months.
DYDX’s token release will account for 81.63% of its circulating supply and 15% of its total supply. This massive unlocking event is worth $500 million and will significantly increase the token supply.
Originally scheduled for January 2023, the token release was postponed due to market conditions. Looking ahead to 2024, there will be a monthly unlocking pattern, with approximately 34 million DYDX tokens unlocking each month in the first half of the year. By June 1, 2024, the token supply is expected to nearly triple to around 553 million tokens.
However, there’s a catch. These tokens will be unlocked on the DYDX chain, which lacks support from traditional exchanges. Additionally, the Ethereum-DYDX chain bridge only allows one-way transfers, making it impossible to convert DYDX chain tokens back to ERC-20.
In addition to DYDX, other notable projects are also preparing for their token unlocks. Optimism plans to unlock 24.16 million OP tokens worth over $42 million, while 1inch is gearing up to release about 98.74 million 1INCH tokens valued at around $34.5 million.
Aptos, a layer 1 blockchain platform, is set for a significant token unlock on December 12th with 24.84 million APT tokens valued at $180 million. Furthermore, around December 26th, approximately 15.16 million APE tokens worth $25 million will hit the crypto market.
With all these tokens being unlocked, the crypto world is in for an exciting and eventful ride. Stay tuned for more updates on these developments.
Hot Take: Brace Yourself for a Crypto Rollercoaster as DYDX and Other Tokens Unlock
Hold onto your seats because the crypto market is about to experience a whirlwind of activity as DYDX and other tokens unlock. DYDX’s token release alone is worth a staggering $500 million and will significantly increase its supply. But it’s not just DYDX making waves; OP, 1inch, APT, and APE are also joining in on the action with their own token unlocks.
This unlocking event marks a shift in plans for DYDX, which was originally scheduled for January 2023. The tokens will be unlocked on the DYDX chain, adding complexity to market dynamics due to limited exchange support and one-way transfers.
As these tokens hit the market, brace yourself for price fluctuations and increased interest in the crypto space. It’s going to be an exhilarating journey for crypto enthusiasts.
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