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Thursday, September 23, 2021

dYdX Exchange Brings Out Governance Token

One of the most recent projects that have surprised its supporters with retroactive rewards has been dYdX- a token that is newly minted. It is also a non-custodial decentralized exchange for derivatives that operates on the network of Ethereum on a layer-two version.

This has recently made the news because airdrops have turned into a massive fan-favorite in the ecosystem of cryptocurrency for quite a few years due to the projects that are offered in lieu of a reward to early adopters which also enhances token distribution. According to CoinGecko, it has been understood that the protocol was previously trading at a sum of $10.28 after it touched an intra-day high of around $14.24. 

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The token numbers of dYdX received by every single user were measured through their trading activity on this platform- with the user on the lowest tier receiving around 310 tokens for trading below a price of $1 on the exchange. Relatively, the user with the highest tier earned around 9,529 tokens for trading at volumes that exceeded the sum by $1 million.

At its height of $14.24, the airdrop had a worth between $4,414, and $135,692, where the average user that traded in at a sum between $1,000 and $10,000 received 1,163 tokens worth around $16,561.

The Ongoing Shift To Layer-Two Solutions Similar To dYdX

This release of the dYdX governance does mark quite a huge step for the protocol with it embarking on a path to turn totally into a community-governed, fully decentralized platform. It has also been seen as a sign of a larger shift by a large number of projects which have shifted from layer-two solutions in their attempt to work in a lower fee environment. 

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Most of the projects of blockchain have been migrating to several layer-two solutions and cross-chain like Polygon, with dYdX turning out to be one of the first decentralized exchanges which would be launched on StarkWare.

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