dYdX

Three whales have transferred over $21 million worth of DYDX tokens to Binance shortly after the token unlock.

Here’s How Whales Navigated dYdX’s 150M Token Unlock

Decentralized finance (DeFi) protocol dYdX unlocked 150 million tokens earlier today, leading to a nearly 5% drop in its price during the past day despite the broader positive trend in the crypto market. $500M tokens unlocked The unlocked tokens, valued at $505 million, represent 81.63% of the circulating supply. Analysts anticipated the long-awaited unlocking would […]
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dYdX price dips as $505 million worth of tokens hit the market

On December 1, dYdX, the layer-2 decentralized exchange, will unlock 150 million DYDX worth roughly $478 million to early investors and core team members. This substantial unlock has raised concerns among investors, who fear the influx of fresh tokens could substantially increase supply. If this is not matched by high demand, DYDX prices will likely pull back, reversing recent gains posted over the past few trading weeks.  DYDX Worth $500 Million To Hit The Market According to Bubblemaps data, out of the $478 million worth of DYDX, over 50% is allocated to venture capitalists (VCs), including Paradigm and Polychain. Zooming back and looking at their data, VCs seeded $100 million to the layer-2 decentralized exchange. These tokens were distributed to private investors through five wallets, including Coinbase Custody, Investor Distribution, and the Foundation Wallet. Currently trading at over $3, DYDX is at February 2023 levels and technically bullish. However, the upcoming token unlock casts a shadow over the token’s positive momentum. Related Reading: Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes Notably, dYdX, postponed its token unlock by ten months. According to data, the humongous DYDX unlock was initially postponed from February to December 2023. Following this move, DYDX prices edged higher. Even so, prices pulled back before consolidating in the better part of Q2, Q3, and early Q4 2023. There was a pronounced rally in late October 2023 as DYDX rose, riding the optimism across the crypto board. At spot rates, DYDX is up 82% from October 2023 highs. However, looking at price action, bears are retesting the 20-day moving average of the BB. A break below this level might trigger a sell-off, pushing prices back to October 2023 highs. Which Way Could Take The Price Action? While it is likely that prices could contract ahead or after the unlocking event, the team has devised a way of mitigating the expected selling pressure. To illustrate, the initial unlock will release 30% of the total amount. Afterward, there will be monthly equal releases over the next three years.   For optimists, however, that a significant portion of these tokens will go to the team, and investors could end up supporting prices. Team members and venture capitalists trade less frequently than retail investors, meaning the expected liquidation pressure, if any, could be limited. Moreover, some team members and even early investors might consider re-staking DYDX from their infrastructure, giving them more control.  Related Reading: Bitcoin Alert: $137 Million Moved By Long-Sleeping Whale, Market Braces For Impact Even with this release, crypto participants are upbeat, anticipating Bitcoin prices to track higher ahead of the expected spot Bitcoin ETF approval by the Securities and Exchange Commission (SEC). More tailwinds could result from the Bitcoin halving event in early Q2 2024. Feature image from Canva, chart from TradingView

dYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?

Ledger recently announced support for the dYdX chain and its native DYDX token in the Ledger Live application. This integration enables Ledger hardware wallet users to securely manage and stake their DYdX tokens directly within the Ledger Live ecosystem. Keypoints Ledger Live now supports the dYdX chain and DYDX token, allowing you to manage and [...]
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Ledger Live Expands Support to dYdX Chain and DYDX Token

Leading decentralized perpetual exchange, dYdX Chain, will distribute $20M of DYDX to active traders over six months. dYdX, the leading decentralized perpetuals exchange, has launched a program to attract users […]
The post dYdX Chain Launches Trading Rewards Program appeared first on BitcoinWorld.

dYdX Chain Launches Trading Rewards Program

Decentralized exchange platform dYdX has kickstarted its trading fee rewards program for its layer-1 derivatives protocol after receiving the go-ahead from its online community. Trading Rewards Now Live on dYdX Chain! Following a governance vote, users can now earn from a $20M reward pool in $DYDX tokens. $1.86M+ traded in 2 weeks across 4 main […]
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Derivatives Trading Protocol dYdX Chain Commences Rewards Distribution After Greenlight From Community

Decentralized exchange (DEX) dYdX is going live with its new native blockchain featuring a hefty rewards program for its users. dYdX Chain, built using the Tendermint consensus with the Cosmos SDK, is a standalone chain for the DEX, which previously ran on Ethereum (ETH). The launch of dYdX also features a six-month incentive program, launched […]
The post New dYdX Chain Goes Live With $20,000,000 in DYDX Token Rewards Up for Grabs appeared first on The Daily Hodl.

New dYdX Chain Goes Live With $20,000,000 in DYDX Token Rewards Up for Grabs

The decentralized trading platform dYdX Chain has achieved a significant milestone, transitioning from its ‘Beta Stage’ to ‘Full Trading’ as of Nov. 28. The initiation on the dYdX Chain was […]
The post dYdX Chain completes mainnet migration, rolls out $20 million in DYDX token rewards appeared first on BitcoinWorld.

dYdX Chain completes mainnet migration, rolls out $20 million in DYDX token rewards

The decentralized trading platform dYdX Chain has achieved a significant milestone, transitioning from its ‘Beta Stage’ to ‘Full Trading’ as of Nov. 28. The initiation on the dYdX Chain was activated following a dYdX governance vote, showcasing the platform’s focus on decentralized decision-making and community-driven development. Major markets such as BTC-USD, ETH-USD, SOL-USD, and LINK-USD […]
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The dYdX Chain, now operating on the Cosmos-based Layer 1 platform, has recently taken a significant step forward by initiating trading rewards for validators and stakers. This development comes after the full trading launch of the decentralized derivatives trading protocol. Introducing these rewards marks a new chapter in the platform’s evolution, especially following a decisive 
The post Just In: DYDX Chain Launches Trading Rewards on Cosmos Layer 1 appeared first on CoinGape.

Just In: DYDX Chain Launches Trading Rewards on Cosmos Layer 1

The dYdX platform, renowned for its outstanding focus on decentralized derivatives, has taken a significant step with its move towards full trading on its own chain, dYDX. This change is the result of community support to move from the beta phase to what is known as Full Trading. 1/ Trading and Launch Rewards are live ... Read more

DyDx Chain Moves From Beta Phase To Full Trading

The dYdX community recently supported a motion to advance trading on the dYDX chain (DYDX) from the beta stage to … Continued
The post dYdX advances out of beta and into full trading appeared first on Finbold.

dYdX advances out of beta and into full trading

Whales have started shifting a decentralized exchange altcoin ahead of a massive $505.5 million token unlock. dYdX (DYDX), a decentralized exchange (DEX), migrated from Ethereum (ETH) to Cosmos (ATOM) and launched its own dYdX Chain last month. The new chain was developed as a standalone blockchain based on the Cosmos SDK (software development kit) and Tendermint […]
The post Whales Start Shifting DEX Token Ahead of Massive $505,500,000 Unlock appeared first on The Daily Hodl.

Whales Start Shifting DEX Token Ahead of Massive $505,500,000 Unlock

Miles Deutscher, a crypto analyst, recently shared insights on altcoins that are catching his attention for the upcoming week. In a post on X, he starts by noting the market’s recent cool-off, suggesting this phase is creating new opportunities for savvy investors. Deutscher also emphasizes the importance of staying informed and ready to capitalize on these shifts. Top Altcoins To Watch This Week Injective (INJ) According to Deutscher, Injective (INJ) is experiencing a lull in hype, but this should not undermine its strong performance throughout the year. He believes that if the bullish momentum continues, INJ could reach its local highs in the $19’s. “Monitoring closely, as it runs hard when it runs,” Deutscher states, highlighting the potential for rapid gains. At press time, INJ was trading at $15.88 after being rejected at the 0.618 Fibonacci retracement level of $17.13. Pyth Network (PYTH) Deutscher points out that PYTH is in an interesting position with attributes favored by the market: it’s a new, shiny coin with a low float and perpetual contracts. However, competition from other Solana tokens, like Jupiter and JITO, may temporarily divert attention. For those already holding PYTH, Deutscher advises to hold but not to add more unless the price drops. Related Reading: Whale Alert: Big Players Scoop Up These 4 Altcoins, On-Chain Data Indicates SuperFarm (SUPER) SUPER is part of the trending gaming narrative and has been gaining attention from significant creators and influencers. Despite its volatile funding, Deutscher sees potential for a FOMO-driven price increase. “It could be one of those ‘it’s already up too much, I’m not buying’ plays,” he speculates, suggesting that late buyers might drive the price even higher. Cosmos (ATOM) The recent approval of the ATOM Halving proposal is a significant development for Cosmos. This change will halve the maximum inflation rate from 20% to 10%, potentially impacting ATOM’s price action (PA). Deutscher is watching this closely for signs of a developing trend. Related Reading: Market Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto Expert dYdX (DYDX) The unlocking of $524 million worth of DYDX on November 28th is a crucial event, especially since these tokens will be released on the DYDX chain, not supported by centralized exchanges (CEXs). Deutscher anticipates a complex interplay of market psychology around this event. “Watching to see if the head and shoulders pattern continues to play out,” he comments, suggesting possible price movements following the unlock. Solana (SOL) And BONK SOL’s struggle to break past $58 is noted by Deutscher, placing it in a “no trade zone” for now. However, a breakthrough could lead to significant gains. BONK, a Solana-based meme coin, is also on his radar due to its higher volatility and correlation with Solana’s movements. Vertex (VRTX) Finally, Deutscher highlights the significant volume increase on Vertex, surpassing DYDX and Uniswap. Despite suspicions of wash trading due to low open interest (OI) compared to volume, he sees potential in Vertex and perceives a resurgence in the popularity of perpetual decentralized exchanges (DEXs). Featured image from iStock, chart from TradingView.com

Top Altcoins Poised To Make Waves This Week: Crypto Analyst

According to TokenUnlocks data, decentralized exchange dYdX will unlock 150 million tokens at midnight on December 1, equivalent to 30% of its allocated tokens to investors, founders, and past and […]
The post dYdX To Unlock And Distribute 150 Million Allocated Tokens To Investors On December 1 appeared first on BitcoinWorld.

dYdX To Unlock And Distribute 150 Million Allocated Tokens To Investors On December 1


                    
                    DYdX, Optimism, 1inch and Aptos are expected to release over $750 million in locked tokens by December, according to data tracker Token Unlocks. 
                    Around $750 million of vested digital assets are scheduled to be unlocked and released into the markets this coming December. Among the projects releasing locked tokens, decentralized exchange (DEX) dYdX will unlock the largest amount. The exchange is expected to unlock 150 million tokens vested for investors, founders and employees in December. The tokens are worth almost $500 million at current market prices. Initially, the tokens issued by dYdX were supposed to be released in February. However, the exchange announced in January that the lock-up would be extended. Instead of their original release date, the tokens are now set to be unlocked on Dec. 1, 2023, at 12:00 (UTC). Following its initial unlock date in December, the company will unlock more tokens from January 2024 to June 2024. Token Unlock UpdatedYdX Trading Inc., dYdX Foundation and certain parties to the Warrants to Purchase Tokens signed an amendment to, among other things, postpone the initial release date applicable to investor $DYDX tokens to Dec 1, 2023Blog: https://t.co/froqUPL3ay— dYdX Foundation  (@dydxfoundation) January 25, 2023

Apart from dYdX, other projects are also scheduled to release their hold on token allocations very soon. According to token data tracker Token Unlocks, Ethereum layer-2 network Optimism is also scheduled to unlock 24 million Optimism (OP) tokens, worth around $41 million, on Nov. 30. In addition to dYdX and Optimism, decentralized finance (DeFi) protocol 1inch will release around 98 million 1inch (1INCH) tokens on Dec. 1. The tokens are worth around $33 million at the time of writing. Related: dYdX founder blames v3 central components for ‘targeted attack,’ involves FBIMeanwhile, proof-of-stake (PoS) blockchain project Aptos will also be one of the projects releasing a significant number of tokens in December. Token Unlocks data shows that on Dec. 12, Aptos will unlock almost 25 million Aptos (APT) tokens worth almost $180 million. Magazine: $308M crypto laundering scheme busted, Hashkey token, Hong Kong CBDC: Asia Express

$750M in locked crypto tokens to be released by December

The dYdX team is about to unlock 30% of DYDX supply to investors on the dYdX chain, causing the price of the token to fall as much as 7%. Decentralized exchange dYdX is set to unlock 30% of DYDX supply…

DYDX drops 7% as dYdX set to unlock 30% of supply to investors

TLDR  dYdX has introduced new features to curb trading in illiquid markets Tron (TRX) is struggling to stay above $0.1 despite its recent popularity. Rebel Satoshi is preparing to launch a game-changing meme coin ecosystem that will allow players to stake NFTs. dYdX plans to recover from its recent loss by increasing the margins for […]
The post dYdX and TRON Investors Shifting Attention to Rising Meme Coin Project, Rebel Satoshi appeared first on Cryptonews.

dYdX and TRON Investors Shifting Attention to Rising Meme Coin Project, Rebel Satoshi


                    
                    Australia’s tax regulator did not clarify whether investors must pay taxes on liquid staking or transfer to layer-2 bridges.
                    Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.The attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by a DeFi expert as an “infinite money glitch.” With the exploit, the attackers tricked the platform’s smart contract into believing it had more liquidity available than it did. Australia’s tax regulator has failed to clarify its rules on DeFi despite Cointelegraph reaching out for answers. The regulator could not answer whether capital gains taxes apply to liquid staking and transferring assets to layer-2 bridges. The DeFi ecosystem flourished in the past week thanks to ongoing bullish market momentum, with most of the tokens trading in green on the weekly charts.KyberSwap attacker used “infinite money glitch” to drain funds — DeFi expertDeFi expert Doug Colkitt laid out a thread on X (formerly Twitter), describing the smart contract exploit engineered by the KyberSwap attacker who drained $46 million from the protocol. Colkitt described the exploit as an “infinite money glitch,” where the hackers tricked the smart contract into believing that KyberSwap had more liquidity than it really had. Colkitt also highlighted that it’s the “most complex” smart contract he’s ever seen. Continue readingAustralia’s tax agency won’t clarify its confusing, “aggressive” crypto rulesOn Nov. 9, the Australian Taxation Office (ATO) released new guidance on DeFi. However, the regulator failed to clarify whether capital gains taxes apply to various DeFi features, such as liquid staking and sending funds to layer-2 bridges. Cointelegraph reached out to the ATO to clarify the new rules. However, a spokesperson from ATO said that the tax consequences of a transaction “will depend on the steps taken on the platform or contract, and the relevant surrounding facts and circumstances of the taxpayer who owns the cryptocurrency assets.”With the non-answer, investors could be unable to comply with the possible consequences of the unclear guidance. Continue readingDYdX founder blames v3 central components for “targeted attack,” involves FBIAntonio Juliano, the founder of DeFi protocol dYdX, went on X to share the findings of the investigation into the $9 million insurance funds within the platform. Juliano said the dYdX blockchain was not compromised and noted that the insurance claims happened on the v3 chain. The fund was being used to fill gaps within the Yearn.finance liquidation processes. The dYdX founder also expressed that instead of negotiating with the exploiters, the protocol will offer bounties to those most helpful in the investigation. “We will not pay bounties to, or negotiate with the attacker,” Juliano wrote. Continue readingDeFi market overviewData from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most tokens trading in green on the weekly charts. The total value locked into DeFi protocols remained above $47 billion.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.


KyberSwap attacker used ‘infinite money glitch,’ Australia’s tax agency won’t clarify DeFi rules: Finance Redefined

A recurring problem in crypto has been wallet hacks, with some incidents connected to large platforms, and some enormous sums of money being stolen in the form of crypto assets. Despite high profile cases, it remains to be seen how this problem will be addressed, but with institutions entering and regulatory compliance a priority, it seems unlikely that such a situation can be allowed to continue.Data and Image From ChainalysisBinance-Linked Wallet HackedIt was widely reported earlier this month that a crypto wallet had been hacked for a total of around $27 million worth of USDT (that’s the Tether stablecoin), and what was notable, besides the large numbers, was a connection with the exchange Binance. The stolen funds had been withdrawn from Binance, and according to on-chain data, the wallet that was hacked could be connected back to a Binance deployer wallet, via a transaction from 2019.While this suggests a connection between Binance and the victim of the hack, the exchange has not provided further information about this apparent link, and there have been no further updates regarding the findings of the Binance security team, which, according to an earlier comment from a Binance spokesperson, was “looking into the matter.” This reflects the way crypto has operated up to now, with security breaches a part of the landscape, but wider, significant shifts may be occurring.This week, Binance was hit with a $4.3 billion fine from the Department of Justice, while the Founder, Changpeng Zhao, stepped down from his position as CEO and pled guilty to felony charges. These developments mean that Zhao is prohibited from operational involvement in Binance for a period of three years and that the exchange will be overseen by an independent compliance monitor. When it comes to centralized exchanges, regulatory compliance may be coming to the fore.The Poloniex HackNot long before news of the Binance-connected wallet hack, there was another significant breach at the Poloniex exchange, which is well known partly due to the Founder of Tron, Justin Sun, becoming a major investor in 2019. Last month, Poloniex was hacked for around $125.6 million worth of tokens, with funds being drained mainly across three networks: Ethereum, Tron, and Bitcoin. In response to this, the platform offered a 5% bounty to the hacker, in exchange for the funds being returned.Then, following on from that, Poloniex this week announced that it had traced the identity of the hacker, and posted an on-chain message to the alleged culprit, in fifteen languages, conveying that a final $10 million bounty was on offer. This comes with a November 25th deadline, after which it's stated that law enforcement will become involved. It’s a thrilling turn of events worthy of a  Netflix drama but has been met with some skepticism within the online crypto community, who question the veracity of what’s occurring.👀👀👀It seems promising progress in tracking @poloniex stolen funds. @justinsuntron The whitehat reward of $10m is being offered. https://t.co/vWYgyYbEYs pic.twitter.com/6hZx72Buu2— PeckShield Inc. (@peckshield) November 18, 2023dYdX and Curve Offer BountiesThe use of bounties to track wrongdoers is not new, as demonstrated earlier this month by dYdX. However, in this case, the issue was not a hack, but rather, allegations of price manipulation, as it appears that through the dYdX decentralized trading platform, the price of Yearn Finance’s YFI token was manipulated, leading to losses of around $9 million from the dYdX insurance fund. This has led to dYdX announcing that bounties are on offer to anyone who can substantially assist in finding the alleged market manipulator, although the matter is yet to be resolved. On-chain messages are another recurring theme, as occurred after Curve Finance was hacked for around $73 million at the end of July, an attack also resulting in losses for both the Metronome and Alchemix DeFi platforms through their liquidity pools on Curve. A 10% bounty and an offer not to have law enforcement involved were promised to the hackers, in exchange for the return of the stolen crypto assets, but the DeFi trio declared to the hackers that if the deal was not taken, “we will pursue you from all angles with the full extent of the law.” It appears that the bounty, along with efforts by white hat hackers, was only partly effective, but nonetheless enabled the recovery of a reported 73% of the lost assets.Decentralized Reactions to Decentralized ProblemsPerhaps even more so than on centralized platforms, in the world of decentralized finance, hacks seem to be tolerated as an occupational hazard, while the use of bounties to assist in the recovery of funds is an accepted strategy, and white hat hackers sometimes play a critical role. It’s arguable that offering bounties to hack perpetrators themselves may act as an incentive to attackers, but the alternative take is that such tactics are simply implementing what’s most effective according to the operational conditions. And, relatedly, we can find anonymous on-chain experts formalizing their solutions, as highlighted when Alchemix announced that it had partnered with an organization called Ogle Security Group, which had assisted in recovering some of the funds drained in the Curve hack.Following their exceptional contribution towards recovering funds from the recent @CurveFinance exploit, we are proud to announce our partnership with @cryptogle / Ogle Security.This partnership represents one of multiple new systems being implemented to equip us with the best…— Alchemix (@AlchemixFi) November 20, 2023 Ogle’s self-declared mission is “to track down bad guys and return stolen crypto funds.” This straightforward approach appears to offer what is, essentially, an unregulated environment and a valuable and in-demand service.

This article was written by Sam White at www.financemagnates.com.

From Binance to DeFi: Hacks, Bounties and Anonymous Security

TLDR Cardano gains 2% in a week after SEC calls it security in a Kraken lawsuit. dYdX loses 14% after its community voted on the proposal to add ethDYDX to the dYdX chain. Rebel Satoshi set to surpass gains of top cryptos after promising a 150% presale ROI. The bullish sentiment that saw the broader […]