3 Cryptocurrencies To Watch Out For Next Week; DYDX, APE, INJ

The cryptocurrency market has experienced significant volatility this week, largely influenced by Binance's recent legal turmoil. The saga includes a massive $4 billion settlement and the consequential resignation of CEO Changpeng Zhao, following charges of violating U.S. anti-money laundering laws.

Timeline of Dydx, Injective

In a decisive move to bolster its trading platform's stability and security, decentralized crypto exchange dYdX has implemented significant changes in its trading policies. This strategic shift comes in the wake of the exchange deploying $9 million from its insurance fund to offset users' losses incurred on November 17th.

dYdX, a prominent decentralized exchange, has deployed its insurance fund to mitigate the impact of a severe liquidation event, where $9 million worth of user positions were affected. Antonio Juliano, the founder of dYdX, attributed these liquidations to what he described as a “targeted attack” against the platform.

DYDX (CRYPTO: ETHDYDX), the native token of the dYdX chain, has witnessed a sharp increase of over 20% in value in the last day. What Happened: This price rally occurs with anticipation building as a massive token unlock date approaches for early investors and core team members in just 16 days' time.

DYDX, the native token of the newly released eponymous chain and decentralized exchange, has risen by more than 20% in the past 24 hours, just 16 days before more than $500 million worth of the tokens will be released to early investors and core team members.

The dYdX Foundation that fosters the popular dYdX decentralized exchange has announced another big milestone as it seeks to migrate away from Ethereum to its own, Cosmos-based blockchain network.

dYdX, a significant decentralized exchange (DEX), has officially transitioned from its Ethereum base to launch its native chain. This marks the first instance of a major DEX opting for autonomy by setting up its own native blockchain.

Decentralized cryptocurrency exchange dYdX has announced the launch of its layer-1 blockchain after the successful creation of its genesis block. The new blockchain will operate using the native DYDX tokens.

Antonio Juliano, dYdX founder, has flagged an upcoming large-scale migration of locked $DYDX tokens to the dYdX Chain following its recent launch. This migration, strictly abiding by legal agreements, marks a significant phase in dYdX's transition to a layer-1 blockchain, amplifying the utility of DYDX tokens for staking and governance purposes.

On October 26, the dYdX Foundation officially pivoted from running an Ethereum layer-2 blockchain to supporting the layer-1 dYdX Chain (DYDX). This move can create more demand for its native token DYDX, which validators are staking to secure the network, and users are spending for the gas fees.

In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama.