dYdX 流通供應量激增，引發通膨擔憂

由於懸崖解鎖，DYDX 的流通量在 4 月 1 日增加了 11% 以上，導致代幣面臨通膨壓力。 DYDX 價格自 3 月達到 4.52 美元的年度高點以來一直呈下降趨勢，近期供應增加可能導致進一步跌破 3 美元。對代幣價格走勢和解鎖時間表的分析表明，在價格突破其長期通道模式之前，可能會出現看跌趨勢。

dYdX: Circulating Supply Soars Following Cliff Unlock, Raising Supply Concerns

dYdX：懸崖解鎖後流通供應量激增，引發供應擔憂

April 5, 2024 - dYdX, a decentralized perpetual futures trading exchange, experienced a significant increase in its circulating supply on April 1, following a cliff unlock event. This influx of tokens has raised concerns about potential inflationary pressures on the DYDX price.

2024 年 4 月 5 日 - 去中心化永續期貨交易交易所 dYdX 在懸崖解鎖事件後，其流通供應量於 4 月 1 日大幅增加。代幣的湧入引發了人們對 DYDX 價格潛在通膨壓力的擔憂。

Cliff Unlock and Circulating Supply Increase

懸崖解鎖和循環供應量增加

The recent cliff unlock released over 33 million DYDX tokens into circulation, representing an increase of more than 11%. The circulating supply has subsequently jumped to 326 million tokens, leaving analysts questioning the potential impact on the token's value.

最近的懸崖解鎖釋放了超過3300萬個DYDX代幣進入流通，增幅超過11%。隨後，流通供應量躍升至 3.26 億枚代幣，讓分析師質疑這對代幣價值的潛在影響。

Prior to the unlock, the circulating supply stood at 293 million DYDX. The distribution of the newly unlocked tokens included 18.5 million to investors, 10.2 million to founders and advisors, and 4.6 million to future employees.

解鎖前，流通量為 2.93 億個 DYDX。新解鎖的代幣分配給投資者，其中 1850 萬枚分配給投資者，1020 萬枚分配給創始人和顧問，460 萬枚分配給未來員工。

Unlock Schedule and Future Token Distribution

解鎖時間表和未來代幣分配

The cliff unlock on April 1 represents the final significant release of tokens in a multi-year vesting schedule for DYDX. However, linear vesting schedules will continue to release tokens periodically, ensuring a gradual increase in the total supply. New unlocks will not exceed 2% of the total supply, with the maximum supply of one billion tokens expected to be reached on June 1, 2027.

4 月 1 日的懸崖解鎖代表著 DYDX 多年兌現計劃中代幣的最後一次重大釋放。然而，線性兌現計畫將繼續定期釋放代幣，確保總供應量逐步增加。新解鎖量不會超過總供應量的2%，預計2027年6月1日將達到最大供應量10億枚。

Liquidity Enhancements and Platform Growth

流動性增強和平台成長

In March, dYdX unveiled LP vaults, a new innovation aimed at bolstering liquidity for markets utilizing its dYdX Chain software. This feature is expected to be particularly beneficial for newer markets with limited liquidity.

今年 3 月，dYdX 推出了 LP 金庫，這是一項新的創新，旨在利用 dYdX Chain 軟體來增強市場的流動性。預計這項功能對於流動性有限的新興市場特別有利。

dYdX has also expanded its offerings by adding 15 new markets in March. This growth has contributed to its Total Value Locked (TVL) of approximately $392 million, nearly double that of its primary competitor, GMX, on the Avalanche blockchain.

dYdX 在 3 月也增加了 15 個新市場，從而擴大了其產品範圍。這一增長使其總鎖定價值 (TVL) 達到約 3.92 億美元，幾乎是 Avalanche 區塊鏈上主要競爭對手 GMX 的兩倍。

Price Impact and Bearish Outlook

價格影響與看跌前景

The DYDX price has been trending downward since reaching a yearly high of $4.52 on March 7. The recent cliff unlock has accelerated this decline, pushing the price below the $3.60 support area.

自 3 月 7 日達到 4.52 美元的年度高點以來，DYDX 價格一直呈下降趨勢。最近的懸崖解鎖加速了這一下降，將價格推至 3.60 美元支撐區域以下。

Technical analysis suggests a bearish trend for DYDX, with a potential drop to the channel's support trend line at $2.30. A weekly close above the $3.60 resistance area could invalidate this bearish prediction, but the breakout failure and bearish MACD cross indicate a challenging outlook for the token.

技術分析顯示 DYDX 呈看跌趨勢，有可能跌至通道支撐趨勢線 2.30 美元。週收盤價高於 3.60 美元阻力區域可能會使這一看跌預測失效，但突破失敗和看跌 MACD 交叉表明該代幣的前景充滿挑戰。

Conclusion

結論

The cliff unlock on April 1 has significantly increased the circulating supply of DYDX, raising concerns about potential inflationary pressures on the token's price. The price has been trending downward, and technical analysis suggests a further decline could be imminent. dYdX's ongoing platform enhancements and liquidity initiatives may provide support in the long term, but the immediate outlook remains bearish until the token breaks out of its current channel pattern.

4 月 1 日的懸崖解鎖顯著增加了 DYDX 的流通供應量，引發了人們對該代幣價格潛在通膨壓力的擔憂。價格一直呈下降趨勢，技術分析表明進一步下跌可能即將到來。 dYdX 持續的平台增強和流動性舉措可能會提供長期支持，但在代幣突破當前通道模式之前，近期前景仍然看跌。