dYdX 流通供应量激增，引发通胀担忧

由于悬崖解锁，DYDX 的流通量在 4 月 1 日增加了 11% 以上，导致代币面临通胀压力。 DYDX 价格自 3 月份达到 4.52 美元的年度高点以来一直呈下降趋势，近期供应增加可能导致进一步跌破 3 美元。对代币价格走势和解锁时间表的分析表明，在价格突破其长期通道模式之前，可能会出现看跌趋势。

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

dYdX：悬崖解锁后流通供应量猛增，引发供应担忧

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 - 去中心化永续期货交易交易所 dYdX 在悬崖解锁事件后，其流通供应量于 4 月 1 日大幅增加。代币的涌入引发了人们对 DYDX 价格潜在通胀压力的担忧。

Cliff Unlock and Circulating Supply Increase

悬崖解锁和循环供应量增加

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.

最近的悬崖解锁释放了超过3300万个DYDX代币进入流通，增幅超过11%。随后，流通供应量跃升至 3.26 亿枚代币，这让分析师质疑这对代币价值的潜在影响。

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.

解锁前，流通量为 2.93 亿个 DYDX。新解锁的代币分配给投资者，其中 1850 万枚分配给投资者，1020 万枚分配给创始人和顾问，460 万枚分配给未来员工。

Unlock Schedule and Future Token Distribution

解锁时间表和未来代币分配

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 日的悬崖解锁代表着 DYDX 多年兑现计划中代币的最后一次重大释放。然而，线性兑现计划将继续定期释放代币，确保总供应量逐步增加。新解锁量不会超过总供应量的2%，预计2027年6月1日将达到最大供应量10亿枚。

Liquidity Enhancements and Platform Growth

流动性增强和平台增长

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 金库，这是一项新的创新，旨在利用 dYdX Chain 软件增强市场的流动性。预计这一功能对于流动性有限的新兴市场特别有利。

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 还在 3 月份增加了 15 个新市场，从而扩大了其产品范围。这一增长使其总锁定价值 (TVL) 达到约 3.92 亿美元，几乎是 Avalanche 区块链上主要竞争对手 GMX 的两倍。

Price Impact and Bearish Outlook

价格影响和看跌前景

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 日达到 4.52 美元的年度高点以来，DYDX 价格一直呈下降趋势。最近的悬崖解锁加速了这一下降，将价格推至 3.60 美元支撑区域以下。

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.

技术分析表明 DYDX 呈看跌趋势，有可能跌至通道支撑趋势线 2.30 美元。周收盘价高于 3.60 美元阻力区域可能会使这一看跌预测失效，但突破失败和看跌 MACD 交叉表明该代币的前景充满挑战。

Conclusion

结论

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 日的悬崖解锁显着增加了 DYDX 的流通供应量，引发了人们对该代币价格潜在通胀压力的担忧。价格一直呈下降趋势，技术分析表明进一步下跌可能即将到来。 dYdX 持续的平台增强和流动性举措可能会提供长期支持，但在代币突破当前通道模式之前，近期前景仍然看跌。