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The DYDX governance token is the latest airdrop to exceed $100,000 for the most active users, and the DEX’s transaction volumes demonstrate the growing popularity of layer-2 platforms.
For years, airdrops have been a fan favourite in the cryptocurrency ecosystem because they allow companies to reward early users while also increasing token distribution.
dYdX, a non-custodial decentralised derivatives exchange that works on a layer-2 version of the Ethereum (ETH) network, is the latest project to surprise its backers with retroactive benefits for its newly created coin.
Data 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.
The number of tokens awarded to each user was determined by their previous active trading on the platform, with the lowest tier user obtaining 310 tokens for trading at least $1 on the exchange and the highest tier user earning 9,529 tokens for trading volumes exceeding $1 million.
At the daily high of $14.24, the airdrop was worth between $4,414 and $135,692 with the average user who traded between $1,000 and $10,000 in value on the platform receiving 1,163 DYDX worth $16,561.
The ongoing shift to layer-two solutions
The retroactive’release’ of the DYDX governance token is a significant step forwards for the protocol as it strives to become a fully decentralised, community-governed platform. It is also another indicator of a bigger trend, with an increasing number of projects changing to layer-two solutions in order to operate in a lower-fee environment.
Many blockchain projects are shifting to various cross-chain and layer-two solutions, such as Polygon and dYdX. In fact, dYdX was one of the first decentralised exchanges to declare that it would debut on StarkWare, a layer-two solution built in collaboration with StarkEx.
According to data from dYdX, at the close of the first mining epoch, there were 32,700 DYDX holders and the platform had transacted $13.8 billion in monthly trading volume and $141 million in market-maker capital has been staked.