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.
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 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.
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