dYdX Foundation has signed an amendment to postpone the initial release date of $DYDX tokens to its investors. Another party that has signed the amendment is dYdX Trading Inc. According to the update, the initial unlock date has been revised to December 01, 2023, with a large portion scheduled to unlock in phases.
While only the initial unlock date has been revised, the remaining dates have been left unchanged, with the overall schedule coming out as follows:
|30%||December 01, 2023*|
|40%||January 01, 2024, to June 01, 2024|
|20%||July 01, 2024, to June 01, 2025|
|10%||July 01, 2025, to June 01, 2026|
*Equal installments are scheduled to be rolled out in the following months.
Parties that are subject to these restrictions are founders, employees, consultants, and advisors.
$DYDX was first issued on August 01, 2021, as a governance token. The objective is to allow holders of the token to own and govern its Layer 2 Protocol in a manner that perfectly aligns with incentives that are shared among liquidity providers, traders, and partners.
A set of initial allocations has also been shared by dYdX Foundation. The same is represented below in the table, highlighting how 1 billion $DYDX was to be allocated:
|15.3%||Founders, employees, consultants, and advisors|
|7.0%||Future employees and consultants|
The announcement has so far not been received very well by the community, with some saying on Twitter that investors are paying the price for bad tokenomics. They have put forward an argument that such a development was impossible since SAFTS and contracts have already been signed.
dYdX Foundation is an online platform that enables its community to trade and stake to earn rewards. Holders of the governance token are given the power to vote on the future of the exchange, allowing them to take control of the decentralized derivatives protocol.
The governance token was launched on Ethereum with the objective of enabling a robust ecosystem of rewards, governance, and staking. The ecosystem is dedicatedly designed to accelerate the growth of the community and the decentralized nature of the exchange platform. The governance token was launched alongside trading liquidity mining rewards, a safety staking pool for the token, and fee discounts for $DYDX holders, to mention a few.
One billion tokens were minted at the launch time with a commitment to making them accessible over 5 years. The supply is estimated to increase amid the perpetual inflation rate of 2% after five years to ensure that the community is equipped with resources to contribute to the protocol.
Its unavailability continues in the US and other prohibited jurisdictions. Distribution of $DYDX is, therefore, not allowed in regions where the exchange cannot operate.
The revised unlock date announced goes live on December 01, 2023.