The dYdX exchange’s governance token rose on speculation that Chinese traders might turn to decentralized exchanges (DEXs). Those who received DYDX tokens during the last dYdX Airdrop bragged about their successes.

The price of DYDX is up 85% in the past two days as some reports suggest Chinese crypto traders are flocking to DEX logs, causing demand for DEX’s native tokens to skyrocket as Beijing resumes cracked down on Bitcoin and cryptocurrencies by claiming that all crypto transactions are illegal.

DYDX .Price chart | Source: Tradingview

The DYDX token was sent to the early adopters of the dYdX protocol on September 8th token.

DYDX is currently trading at $ 20 with a market cap of up to $ 1 billion, with many of the DYDX Airdrop recipients making significant profits.

Several users took to Twitter to boast about their Airdrop earnings and described how they traded the same assets between multiple wallets under their control to qualify for hundreds of thousands of dollars in rewards. .

Excited Carter users brag:

“My free DYDX airdrop is worth $ 900,000.”

User Daniel Que has called His airdrop is currently “$ 420,000” indicating that if he is still in the US, he will be disqualified from the event.

“Moving to Taiwan (not yet received a green card) was the right decision.”

Others weren’t so lucky, with many users complaining about being “banned” from the Airdrop by the US Securities and Exchange Commission.

7 / The SEC now wants to use the same system to “protect” you from crypto. What if you were one of the many Americans who are “protected” from? @dydxprotokoll The $ 1 billion airdrop is because dydx doesn’t file any information to the SEC like a company from the 1980s.

– myss3lium industri3s (@mysselium) September 27, 2021

“Now the SEC would like to use exactly this system to“ block ”you for crypto. If you’re one of the many Americans “blocked” by the $ 1 billion Dydx drop, it’s because Dydx did not file the information with the SEC.

DYdX has seen impressive growth this year, with trading volume increasing by 2,583% in the 3-month period from June 30th. On September 27th, DYdX’s daily trading volume exceeded Block Coinbase’s spot market trading volume for the first time.

Chinese crypto journalist Wu Blockchain explains that “the huge volume of trade that is currently happening is still coming from agriculture, not actual demand.”

According to CoinMarketCap data, the dYdX transaction volume has reached 4.28 billion in the past 24 hours, surpassing Coinbase’s 3.79 billion for the first time. pic.twitter.com/PR7PX6UbbF

– Wu blockchain (@WuBlockchain) September 27, 2021

In a recent tweet, Wu pointed out that “a large number of Chinese users will flood the DeFi world and the number of MetaMask and dYdX users will grow dramatically”.

At the time of writing, dYdX has more volume than any other DEX combined, with over $ 6.5 billion in trades in the past 24 hours.

And today dYdX makes more trading volume than any other DEX combined pic.twitter.com/7XDc7D7D0E

– Antonio | dYdX (@AntonioMJuliano) September 27, 2021

Total Value Locked (TVL) on DYdX just hit an all-time high (ATH) of $ 503 million, currently the second largest Layer 2 network behind Arbitrum. DYdX currently accounts for 20.43% of all Layer 2 TVLs.