- DYDX, native token of the DEX, climbed 12.5% on Monday, in response to a governance vote to slash trading rewards by 45%.
- The proposal received over 25 million votes in favor, as voters aimed to increase the amount of tokens in the protocol’s rewards treasury.
- DYDX is changing hands at $2.42, less than two hours away from a massive token unlock event of $15.7 million worth of tokens.
DYDX, the native token of the decentralized exchange of the same name, witnessed a massive recovery in its price on Monday. A governance proposal slashing trading rewards by 45% was passed by a majority of voters, fueling a bullish sentiment among holders.
The token is set to witness a mass unlock of 6,520,128 DYDX tokens on March 14.
Also read: Big whales movements in altcoins Loopring, AAVE, DYDX, CRV alarm crypto investors
DYDX cuts trading rewards by 45%, fuels rally in token price
DYDX voters passed a governance proposal slashing trading rewards by 45%. This fueled a recovery in the token’s price. The native token of the decentralized exchange of the same name, has surged by 12.5% since Monday.
The proposal to cut trading rewards in half won massive support from the voter community, it received over 25 million votes in favor compared to five million votes against. The move is aimed at increasing the amount of tokens in the protocol's rewards treasury. The decision was made by the community’s support, in favor of long-term growth of the treasury and DYDX.
The DEX token is currently trading at $2.44 after surging from a 24-hour low of $1.87. While the crypto market witnesses a massive boost following bank liquidations and crises, the token has outperformed most DeFi assets.
DYDX token unlock on March 14
According to data from crypto intelligence tracker Token Unlocks, $15.7 million worth of DYDX will be unlocked on March 14. The event is less than two hours away and the token distribution is as seen in the image below.
DYDX token unlock
It remains to be seen whether the unlock of tokens negatively influences DYDX prices and wipes out the DeFi tokens recent gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.