The native coin of the dYdX chain, DYDX/USD, has encountered an impressive surge, denoting an incredible 50% increase in value inside the past seven days. Of course, the main reason behind this market increase are twofold. One, the expectation surrounding an impending token unlock event. Then, the new presentation of staking rewards.
Staking Rewards for $DYDX are finally enabled ✅
Time to have a closer look at what to expect from the dYdX chain 🧐
— Frens Validator 🤝 (@frensvalidator) November 14, 2023
DYDX Token Unlock Event
Expectedly, everyone’s eyes are set on November 30, 2023, which is planned to be a significant date for the token unlock. This is specifically for key team members and early investors. So, information from CryptoRank shows that the impending unlock event involves 7.20 million ETHDYDX, constituting 0.72% of the total supply. This translates to a market value of $29.23 million which represents 4.02% of the total market capitalization.
Furthermore, initially known as a decentralized exchange (DEX), dYdX has as of late made a strong stride. This is typically when it launched its own layer-1 blockchain utilizing Cosmos technology. Of course, this strategic move has significantly expanded the platform’s operational scope as it sets the stage for new developments.
Staking Incentive Boosts Community
Notably, the first result of this expansion is the execution of a fresh incentives system. This is where validators are rewarded with a portion of trade profits in exchange for their job in keeping up with the network’s integrity.
As expected, there’s much vibe now in the dYdX community with the launch of the new activation of staking rewards for $DYDX. So, many traders are looking up and discussing what really lies ahead for the DYDX chain following massive community enthusiasm.
To conclude, the notable number of announcements and strategic moves have translated into a substantial boost for DYDX price. This is seen as it moves its value from $2.5 to an impressive $4.5 in recent days. Of course, this surge signifies that investors are certain about the future of DYDX chain and all’s how it will evolve in the nearest time.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.