dYdX Chain Upgrade and Token Unlocks

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Overview 

dYdX is a decentralized trading platform that enables users to trade perpetual contracts with up to 25x leverage and no expiration date. Built on the Ethereum blockchain, it offers a non-custodial trading experience, allowing users to retain full control of their funds. The platform includes an order book for placing limit orders and provides access to substantial liquidity. dYdX uses its native token $DYDX for governance and fee discounts. The primary goal of the platform is to offer a secure, efficient and transparent method for trading crypto assets, emphasising user control and transparency.

DYDX Upgrade 

The dYdX Chain Protocol update introduces several key enhancements:

  • Improved Decentralized Trading: The upgrade aims to improve the user experience in decentralized trading, with a focus on enhancing platform security and user engagement.
  • Cross-Chain Accounts: This feature allows users to manage accounts across multiple blockchains, improving the flexibility of the platform.
  • Support for the Cosmos-Based Network: Including support for the Cosmos-based network expands the platform's operational scope.
  • Liquid Staking on Cosmos Network: The dYdX Foundation has launched Liquid Staking on the dYdX Chain, allowing users to convert staked $DYDX into a liquid staking token. This feature enhances liquidity by bypassing the 30-day unbonding period and enables users to earn staking rewards while using their tokens in DeFi applications. Key providers include Stride, who are offering a large STRD token airdrop for early adopters; Persistence, who are focusing on maximizing liquid staking yield; and Quicksilver, who are providing an Interchain Liquid Staking solution.

In summary, the dYdX Chain Protocol upgrade is a significant step forward in decentralized trading, offering improved interoperability and features across various blockchains.

dYdX Impending Unlock

On 1st of February at 12:00am UTC, dYdX will unlock 10.63% of its circulating supply, a $89 million equivalent during time of writing. 

This unlock is comprised of the following: 

  • 4.67m $DYDX ($13.02m) of future employees & consultants tokens will be unlocked
  • 10.18m $DYDX ($28.4m) of employees and consultants tokens will be unlocked
  • 18.49m $DYDX ($51.58m) of investors tokens will be unlocked

Below is a comprehensive overview of the unlock schedule, with vesting reaching completion on December 1st, 2026:

Source: TokenUnlocks

Centralized Exchange Depth Overview:

Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.