Cryptocurrency whales increased DYDX transactions ahead of the $505.5 million token unlock.
Decentralized cryptocurrency exchange dYdX migrated from Ethereum to Cosmos and launched dYdX Chain last month.
The project’s new chain is an independent blockchain based on the Cosmos SDK and Tendermint consensus protocol.
According to Lookonchain’s post, the project will unlock 150 million DYDX on December 1.
“On-chain data shows that the dYdX Foundation sent tokens to various addresses, including a16z crypto, Defiance Capital and Polychain Capital.
However, we noticed that many investor addresses also hyperlinked to DYDX. For example, a16z crypto bridged all 42.69 million DYDX (approximately $143.87 million) across multiple addresses.
Currently, 437.4 million DYDX have been bridged, accounting for 43.74 percent of the total supply. Since it is a one-way bridge, 437.4 million DYDX will be permanently locked in the wethDYDX smart contract this year.”
Lookonchain also highlighted that FalconX attracted 1.14 million DYDX from Binance in five days, worth $3.84 million. Additionally, he said last week another whale deposited 1.5 million DYDX worth approximately $5 million.
At the time of writing, DYDX is trading at $3.24, according to CoinMarketCap data.
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