Whales have started shifting a decentralized altcoin ahead of a massive token unlock worth $505.5 million.
dYdX (DYDX), a decentralized exchange (DEX), migrated from Ethereum (ETH) to Cosmos (ATOM) and launched his own dYdX Chain last month.
The new chain has been developed as a standalone blockchain based on the Cosmos SDK (software development kit) and the Tendermint consensus protocol.
According to the crypto tracker, the project is expected to unlock 150 million DYDX by December 1 Look at chain.
“On-chain data shows that the dYdX Foundation has sent tokens to investor addresses including a16z crypto, Defiance Capital and Polychain Capital.
However, we noticed that many investor addresses have bypassed DYDX. For example, A16z crypto has bridged all 42.69 million DYDX ($143.87 million) across multiple addresses.
Currently, 437.4 million DYDX ($1.47 billion) have been bridged, accounting for 43.74% of the total supply. Since it is a one-way bridge, these 437.4 million DYDX will be permanently recorded in the wethDYDX smart contract.”
Institutional trading platform FalconX has withdrawn a total of 1.14 million DYDX worth $3.84 million from top crypto exchange Binance in a five-day period. Look at chain.
Moreover, Lookonchain notes that a whale deposited 1.5 million DYDX worth over $5 million to Binance last week.
DYDX is trading at $3.17 at the time of writing.
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Generated image: DALLE3
