Sunday, November 28, 2021

dYdX exchange releases governance token, making its airdrop worth up to $100K

189
SHARES
1.5k
VIEWS


Airdrops have been a fan-favorite within the cryptocurrency ecosystem for years as a result of they provide initiatives a technique to reward early adopters and improve token distribution.

The newest challenge to shock its group of supporters with retroactive rewards for its newly minted token is dYdX, a non-custodial decentralized derivatives alternate that operates on a layer-2 model of the Ethereum (ETH) community.

Information from CoinGecko reveals that on its first day of buying and selling stay within the markets, DYDX is buying and selling at a worth of $10.28 on the time of writing after hitting an intra-day excessive at $14.24.

DYDX/USD 5-min chart. Supply: CoinGecko

The variety of tokens acquired by every consumer was decided by their earlier buying and selling actively on the platform, with the bottom tier consumer receiving 310 tokens for buying and selling at the very least $1 on the alternate, and the best tier consumer incomes 9,529 tokens for buying and selling volumes exceeding $1 million. 

Airdrop token distribution. Supply: dYdX Foundation

On the day by day excessive of $14.24, the airdrop was value between $4,414 and $135,692 with the typical consumer who traded between $1,000 and $10,000 in worth on the platform receiving 1,163 DYDX value $16,561.

Related articles

Associated: Ethereum layer-twos reportedly processing more transactions than Bitcoin

The continuing shift to layer-two options

The retroactive ‘launch’ of the DYDX governance token marks an enormous step for the protocol because it embarks on its path to turning into a totally decentralized, community-governed platform. It’s and one other signal of a bigger shift by a rising variety of initiatives shifting to layer-two options so as to function in a decrease charge setting.

Many blockchain initiatives are migrating to numerous cross-chain and layer-two options like Polygon and dYdX was truly one of many first decentralized exchanges to announce that it will launch on StarkWare, a layer-two answer it developed together with StarkEx.

Based on data from dYdX, on the shut of the primary mining epoch, there have been 32,700 DYDX holders and the platform had transacted $13.8 billion in month-to-month buying and selling quantity and $141 million in market-maker capital has been staked. 

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it’s best to conduct your personal analysis when making a call.