DYdX Exchange issues governance tokens, making its airdrop worth up to $ 100 thousand on 09/09/2021

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

The latest project to surprise the backer community with retroactive rewards for their newly minted tokens is dYdX, a decentralized decentralized derivatives exchange that operates on a Layer 2 instance of the Ethereum (ETH) network.

Data from CoinGecko shows that DYDX was trading at $ 10.28 on its first day of live trading in the market at press time, after hitting an intraday high of $ 14.24.

The number of tokens each user will receive is determined by their previous active trading on the platform, with the lowest level user receiving 310 tokens for trading at least USD 1 million on the exchange.

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

Related: Ethereum layers reportedly process more transactions than Bitcoin

The ongoing shift to second level solutions

The “release” of the effective DYDX governance token marks yet another major step forward for the protocol on its way to a fully decentralized, community-managed platform. This is another sign of a bigger shift as more projects move to Layer 2 solutions to work in a lower fee environment.

Many blockchain projects are switching to various cross-chain and Layer 2 solutions such as Polygon and dYdX is actually one of the first decentralized exchanges to announce that it will start on StarkWare, a Layer 2 solution developed in collaboration with StarkEx .

Based on data since dYdX, at the end of the first mining era, there have been 32,700 DYDX holders and the platform traded a monthly trading volume of $ 13.8 billion and made $ 141 million in market maker capital contributions.