🟣 Bullish Unlock?

Tomorrow is a big day for the DYDX token. The current circulating supply of DYDX is ~180M tokens, and tomorrow, another ~150M tokens will enter the circulating supply.

gm   Tomorrow is a big day for the DYDX token. The current circulating supply of DYDX is ~180M tokens, and tomorrow, another ~150M tokens will enter the circulating supply. These tokens are currently vesting to the team and early investors but will be free to trade tomorrow.    The looming unlock has been overhanging on DYDX all year, and tomorrow is finally the big day. Will team members and investors dump their tokens or hodl? If they choose to hodl, will the sidelined capital that has been afraid to put exposure on due to the overhang FOMO in?    These are questions that I do not know the answer to, but I have my popcorn ready. Exciting stuff. Expect volatility.    If I had a gun to my head and had to choose, I personally think given the actively traded perps market (ability to hedge long exposure) and the yield bearing nature of the token, I think the supporters of a doomsday dump may be in the wrong. But what do I know?    It's worth remembering that since dYdX V4 is live, staking DYDX carries with it the fundamental value proposition of receiving trading fees that the exchange accrues. This means investors have a vision of getting paid in USDC without selling the tokens.   In other news, Saylor is once again buying BTC. Not only did Microstrategy purchase almost $600M in BTC, but they have filed for up to a $750M offering of stock. You must respect the relentless laser-eyed BTC bull's determination and steady hand.    -Matt Fiebach Source: Blockworks Research Analytics   Transaction count on Polygon PoS has increased substantially over the past few weeks and is up to 11.43M a day, a fivefold increase since the 21st of November. Similar to how Avalanche experienced boosted transaction counts due to ASC-20s (Avalanche inscriptions), the increase in Polygon's transaction count is due to PRC-20s. Currently, approximately 85% of transactions on Polygon are related to PRC-20s.   OP grants through Season 2: where has the OP gone? The governance post explores how the OP granted to Kromatika Finance has been used inefficiently so far and how grant programs can be improved.   What is Firedancer? A Deep Dive into Solana 2.0 The article looks into how Firedancer, a new independent validator client developed by Jump Crypto, can improve scalability and efficiency for Solana.   MEV Supply Chain: Trust but Verify The blog post discusses reordering slippage, which exclusively uses onchain data to verify that swappers get the best prices in private mempools. An Overview of Real World Assets and Tokenization Tokenized assets reflect crypto's growth as a legitimate asset class and the adoption of blockchain technology by traditional financial players and markets. They appeal to a different vertical beyond niche crypto circles, by allowing institutions to increase efficiency and lower costs and emerging market retail users to access foreign debt, equity, and currencies. Read More → Frax V3: A Deep Dive Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin. Read More → Why DYDX insiders are unlikely to sell their $490M unlock DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely Read More → Spot bitcoin ETF market sees new applicant ahead of SEC ruling Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US Read More → The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. 133 W 19th St, New York, NY, 10011 Manage your email subscription preferences here.