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DeFi

dYdX Has Stopped Promoting After Receiving Much Criticism From The Community

September 2, 2022 - Around 2 mins mins to read
Due to the growing controversy within the community, in order to prevent the case from going further and avoid causing unnecessary misunderstandings, dYdX stopped this bonus program just one day after making the announcement.
dYdX Has Stopped Promoting After Receiving Much Criticism From The Community
dYdX Has Stopped Promoting After Receiving Much Criticism From The Community 2

The exchange, on the other hand, simply stated that its short-lived promotional campaign terminated on Thursday “effective immediately” due to “overwhelming demand.”

Besides, dYdX once again affirmed that the project does not require users to provide personal information; participating in the promotion is completely optional and only requires image verification to prevent fraud.

This claim does not represent a shift in the platform’s “holistic” decentralized stance on accessibility, transparency, mutability, or censorship.

The promotion in question went live on Wednesday and offered new users a $25 incentive if they deposited $500 or more into the platform.

The only caveat was that they had to agree to a “Liveness Check” via webcam to authenticate their identity, which irritated several group members. And the question arises, will users who completed the program on Wednesday receive $25?

dYdX, notably, made no note of the community backlash in its most recent tweet but backed down on its use of face recognition software in an earlier post, asserting that it was simply used to verify customers weren’t claiming the bonus on multiple identities.

Yearn.finance contributor Adam Cochran stated that, despite previously being a strong supporter of dYdX, he would be leaving the platform and selling his DYDX tokens until he sees fundamental changes there:

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Adam Cochran

Dex

dYdX

Liveness Checks

Webcam

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

dYdX Has Stopped Promoting After Receiving Much Criticism From The Community

Due to the growing controversy within the community, in order to prevent the case from going further and avoid causing unnecessary misunderstandings, dYdX stopped this bonus program just one day after making the announcement.
dYdX Has Stopped Promoting After Receiving Much Criticism From The Community
dYdX Has Stopped Promoting After Receiving Much Criticism From The Community 4

The exchange, on the other hand, simply stated that its short-lived promotional campaign terminated on Thursday “effective immediately” due to “overwhelming demand.”

Besides, dYdX once again affirmed that the project does not require users to provide personal information; participating in the promotion is completely optional and only requires image verification to prevent fraud.

This claim does not represent a shift in the platform’s “holistic” decentralized stance on accessibility, transparency, mutability, or censorship.

The promotion in question went live on Wednesday and offered new users a $25 incentive if they deposited $500 or more into the platform.

The only caveat was that they had to agree to a “Liveness Check” via webcam to authenticate their identity, which irritated several group members. And the question arises, will users who completed the program on Wednesday receive $25?

dYdX, notably, made no note of the community backlash in its most recent tweet but backed down on its use of face recognition software in an earlier post, asserting that it was simply used to verify customers weren’t claiming the bonus on multiple identities.

Yearn.finance contributor Adam Cochran stated that, despite previously being a strong supporter of dYdX, he would be leaving the platform and selling his DYDX tokens until he sees fundamental changes there:

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News