DYDX Token Price Rises Ahead of $500M Unlock Despite Potential Supply Increase
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DYDX token has risen over 20% ahead of a massive $500M unlock in 16 days.
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The token is migrating from Ethereum to a new Cosmos-based layer-1 blockchain.
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Validators on the new chain will receive staking rewards from trading fees.
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The upcoming unlock will increase token supply from 179M to 395M.
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Research shows large unlocks can decrease price as supply outpaces demand.