---
title: What's Driving Token Prices? July 5, 2023
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving DYDX, SUI, and LDO token prices in the digital asset ecosystem.
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---

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# What's Driving Token Prices? July 5, 2023

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Jul 5, 2023

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

- **SUI (+0.7%)** - Layer-1 protocol Sui Network suffered blowback last week after rumors swelled that the team and foundation sold locked-up SUI tokens. On-chain detectives followed SUI token distributions to multiple wallets that eventually ended up on Binance. The Sui Foundation denied these allegations, but up until that point, the company had never released an official token supply schedule. The foundation finally released a schedule at the end of last week, putting an end to questions about the circulating supply and unlocks. 
- **DYDX (+3.6%) **- Decentralized derivatives exchange, dYdX, announced last week that the testnet for its v4 upgrade will be available starting today. The v4 upgrade includes a number of new features, but most importantly, this version will only be available on dydx’s new chain, a Cosmos app chain. DYdX chose to move to their own chain (currently they are on Starknet, an Ethereum layer 2) after facing issues around scalability and transaction front-running. In addition, the DYDX token will be used for staking in order to provide security for the new chain. DYdX leads the decentralized exchange market with a 71% market share, posting over $36b in volume in June.
- **LDO (+12%) **- Last week, decentralized liquid staking provider Lido passed a proposal to implement a tiered rewards program to users in exchange for helping grow the amount of stETH in the protocol. Contributors who help grow stETH over a 12-24 month period will be able to share the revenue that Lido DAO collects from stakers. Another proposal also passed was to stake all of Lido’s treasury ETH into stETH. This increased Lido’s TVL making Lido the second-largest holder of stETH with a 33k balance. Lido’s TVL is currently just north of $14b.

*** What's Driving Token Prices will be taking a short hiatus and

returning on Wednesday, August 2, 2023***

 

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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