Decentralized exchange platform dYdX is unlocking $14.02 million worth of its native DYDX tokens to be distributed to its community treasury and as rewards for traders and liquidity providers. A total of 6.52 million tokens will be released, representing 3.76% of the DYDX circulating supply.
The community treasury will receive 2.49 million tokens ($5.36 million), which will be used for contributor grants, community initiatives, and liquidity mining. The remaining tokens will be allocated to liquidity provider rewards (1.15 million tokens worth $2.47 million) and trading rewards (2.88 million tokens worth $6.18 million).
DYDX has a maximum supply of 1 billion tokens, with over 75% currently locked. This unlock event follows a similar one that took place on August 1, and data indicates that investors hold the highest allocation at 27.7%. In addition to this news, dYdX founder Antonio Juliano has suggested that crypto entrepreneurs explore markets outside the United States to scale faster and have more influence over U.S. policy amid the lack of crypto regulation in the country.
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