DYdX exchange publishes a governance token, so its airdrop is worth up to $ 100,000

Airdrops have been a fan favorite in the cryptocurrency ecosystem for years, as they provide a way for projects to reward early adopters ...


Airdrops have been a fan favorite in the cryptocurrency ecosystem for years, as they provide a way for projects to reward early adopters and increase token distribution.

The latest project to surprise its community of supporters with retroactive rewards for its newly created token is dYdX, a decentralized non-custodial derivatives exchange that runs on a Layer 2 version of Ethereum (ETH) network.

Data CoinGecko shows that on its first day of live trading in the markets, DYDX is trading at a price of $ 10.28 at the time of writing after hitting an intraday high of $ 14.24.

DYDX / USD chart in 5 minutes. Source: CoinGecko

The number of tokens each user received was determined by their previous active trades on the platform, with the lowest level user receiving 310 tokens for trading at least $ 1 on the exchange, and the level user highest earning 9,529 tokens for transaction volumes exceeding $ 1 million. .

Distribution of Airdrop tokens. Source: DYdX Foundation

At the daily high of $ 14.24, the airdrop was worth between $ 4,414 and $ 135,692, with the average user having traded between $ 1,000 and $ 10,000 on the platform receiving 1,163 DYDX worth $ 16,561.

Related: Ethereum Layer Two Would Process More Transactions Than Bitcoin

The ongoing shift to layer two solutions

The retroactive “release” of the DYDX governance token marks a big step forward for the protocol as it embark on the path to becoming a fully decentralized, community-managed platform. This is another sign of a larger shift with a growing number of projects moving to Layer Two solutions in order to operate in a lower cost environment.

Many blockchain projects are migrating to various cross-chain and layer two solutions like Polygon and dYdX was actually one of the first decentralized exchanges to announce that it would be launched on StarkWare, a layer two solution it developed. in collaboration with StarkEx.

According to The data of dYdX, by the end of the first mining era, there were 32,700 DYDX holders and the platform had processed $ 13.8 billion in monthly trading volume and $ 141 million in market maker capital. been involved.

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