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.
So far, the proposal has received a 100% vote in its favor.
Token Unlocks
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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