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August 29, 2023 marks a significant step for dYdX, a decentralized exchange, as it plans to unleash $14.02 million in its unique DYDX tokens. The company is directing this financial move to bolster its community treasury as well as reward traders and those who provide liquidity to the platform.
Scheduled for today, dYdX will make 6.52 million DYDX tokens available, which is nearly 3.8% of all circulating DYDX tokens. Of this number, 2.49 million tokens, will go into the community's treasury chest. This treasury is essential for funding various community-based projects, providing grants to contributors, and supporting liquidity mining operations, among other activities. The other portion, 4.03 million DYDX tokens, will be divided to reward those contributing liquidity ($2.47 million) and active traders on the platform ($6.18 million).
Interestingly, this isn't the first time dYdX has executed such a move. Just earlier this month, on August 1, the exchange had a similar token release with the same financial distribution strategy. According to TokenUnlocks data, investors have the lion's share when it comes to the allocation of DYDX tokens at 28%. They are followed by trading rewards and the community treasury, which claim 20% and 16% of the allocations, respectively.
The overall supply of DYDX tokens is capped at 1 billion, and a significant 75% of these are currently not in circulation. Antonio Juliano, the company’s founder, recently emphasized that those in the cryptocurrency space should think globally. According to him, crypto startups could scale more rapidly by focusing on overseas markets that are more receptive to the technology. Juliano's rationale is that given the sluggish pace of crypto regulation in the United States, gaining momentum internationally could provide more leverage when re-entering the U.S. market in the future.
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