The DYDX token distribution includes the allocation of 500 million tokens, representing 50% of the total supply, among various stakeholders. These stakeholders include investors, founders, employees, and advisors. On December 1st, 150 million DYDX, which accounts for 30% of the allocated amount, will be unlocked, potentially causing movement in the market.
It is expected that 83,190,000 DYDX will become accessible to investors. This amount represents 46.15% of the circulating supply and can have a significant impact on the market.
On-chain data analysis provides important insights into DYDX token movements. Prominent investor addresses, such as a16z crypto, Defiance Capital, and Polychain Capital, have acquired tokens from the dydx Foundation. Additionally, many investors have chosen to transfer their DYDX holdings to another blockchain, with a16z crypto alone moving 42.69 million DYDX.
437.4 million DYDX, which accounts for 43.74% of the total supply, remains permanently locked due to the one-way bridging mechanism of the wethDYDX smart contract.
Looking at the token distribution, it is observed that the top 20 holders collectively possess 850.93 million DYDX, constituting 85.09% of the total supply. Recently, FalconX withdrew 1.14 million DYDX from the Binance cryptocurrency exchange within the past five days, and a whale was observed depositing 1.5 million DYDX from dYdX: DYDX Distributor to Binance.
As the unlocking date of the token approaches, market participants are closely monitoring signs of selling pressure and strategic moves by whales or smart money. If there is a price drop in DYDX in the coming days, it will serve as a clear indication of a sell-off wave occurring after the token unlocking.