Cryptocurrency whales increased DYDX transactions ahead of the $505.5 million token unlock.
Decentralized cryptocurrency exchange dYdX migrated from Ethereum to Cosmos and launched dYdX Chain last month.
The project’s new chain is an independent blockchain based on the Cosmos SDK and Tendermint consensus protocol.
According to Lookonchain’s post, the project will unlock 150 million DYDX on December 1.
Lookonchain also highlighted that FalconX attracted 1.14 million DYDX from Binance in five days, worth $3.84 million. Additionally, he said last week another whale deposited 1.5 million DYDX worth approximately $5 million.
At the time of writing, DYDX is trading at $3.24, according to CoinMarketCap data.