dYdX Community Votes on V4 Upgrade Proposal as $14 Million Worth of Tokens Unlock



The dYdX (DYDX) community unanimously voted in favor of Wintermute proposals, including adopting the dYdX version 4 (V4) software, as a $14 million token unlock got underway

Wintermute, a cryptocurrency market maker, has pitched the adoption of a V4 open-source software. The voting process for the same started on Tuesday, with a deadline of Sept. 2.

dYdX V4 Wintermute Proposal Gets Unanimous Approval

In addition, Wintermute has also proposed a migration of the DYDX token to the Layer 1 dYdX chain. An Ethereum smart contract will facilitate the migration from the Ethereum chain to the dYdX chain.

Click here to learn more about smart contracts

So far, the proposal has received a 100% vote in its favor.

dYdX proposal voting. Source: Snapshot

Token Unlocks

According to data from TokenUnlocks, more than 6.52 million were unlocked on Tuesday. The tokens, worth $14 million, comprise 3.76% of the circulating supply.

dYdX, a decentralized exchange (DEX), has planned the token unlock for the following beneficiaries:

  • 2.49 million tokens worth $5.36 million for community treasury.
  • 1.15 million tokens worth $2.47 million for liquidity provider rewards.
  • 2.88 million tokens worth $6.18 million for trading rewards.
DYDX token unlocks. Source: TokenUnlocks
DYDX token unlocks. Source: TokenUnlocks

dYdX unlocked a similar portion of tokens on Aug. 1, which caused the price to fall by over 10% in two days.

The screenshot below shows that since mid-July, DYDX has remained range-bound between $2.248 to $1.899. Currently, it is testing the resistance at $2.248

Moreover, the 200-daily Simple Moving Average (SMA) coincides with the horizontal resistance area.

DYDX/USDT 1 day chart. Source: TradingView
DYDX/USDT 1 day chart. Source: TradingView

Do you have something to say about the dYdX proposal or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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