dYdX change releases governance token, making its airdrop value as much as $100K

By | September 9, 2021

Airdrops had been a fan-favorite throughout the cryptocurrency ecosystem for years on account of they supply projects a option to praise early adopters and give a boost to token distribution.

The latest undertaking to surprise its group of supporters with retroactive rewards for its newly minted token is dYdX, a non-custodial decentralized derivatives change that operates on a layer-2 fashion of the Ethereum (ETH) network.

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

DYDX/USD 5-min chart. Source: CoinGecko

The number of tokens got via each and every individual was once made up our minds via their previous purchasing and promoting actively at the platform, with the ground tier individual receiving 310 tokens for purchasing and promoting at least $1 at the change, and the easiest tier individual earning 9,529 tokens for purchasing and promoting volumes exceeding $1 million.

Airdrop token distribution. Supply: dYdX Foundation

On the every day over the top of $14.24, the airdrop was once value between $4,414 and $135,692 with the standard one that traded between $1,000 and $10,000 in value at the platform receiving 1,163 DYDX value $16,561.

Comparable: Ethereum layer-twos reportedly processing additional transactions than Bitcoin

The continuing shift to layer-two choices

The retroactive ‘release’ of the DYDX governance token marks a huge step for the protocol as it embarks on its trail to becoming an absolutely decentralized, community-governed platform. It’s and one different sign of a larger shift via a emerging number of projects transferring to layer-two choices so that you can serve as in a lower value environment.

Many blockchain projects are migrating to a lot of cross-chain and layer-two choices like Polygon and dYdX was once actually one of the first decentralized exchanges to announce that it would release on StarkWare, a layer-two answer it evolved at the side of StarkEx.

Consistent with data from dYdX, at the close of the main mining epoch, there were 32,700 DYDX holders and the platform had transacted $13.8 billion in monthly purchasing and promoting amount and $141 million in market-maker capital has been staked.

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