The decentralized exchange (DEX) dYdX launches its token and distributes 75 million

Airdrop of 75 million dYdX tokens

The decentralized exchange (DEX), dYdX announces the creation and distribution of its governance token.

As with previous governance token launches, part of the initial offering will be distributed to protocol users who meet certain conditions. In this case, 7.5% of the offer will be distributed via an airdrop to former dYdX users. It should be noted that US citizens are not eligible for the airdrop.

To be able to claim the tokens, users must have used the protocol at least once. In addition, users who have generated a large trading volume will be more rewarded. The table below summarizes the eligibility criteria:

dYdX Airdrop

Airdrop eligibility criteria table – Source: dYdX

Thus, we can see that 64,306 users will share 75 million dYdX tokens. Note that the snapshot of the airdrop was taken on July 27, 2021 at 2 a.m. Users can view and verify their past activity and eligibility level at trade.dydx.exchange/portfolio/rewards.

The governance token will be used to decide the future direction of the protocol, and token holders will be able to vote on proposals to add new features. The team behind dYdX said:

โ€œThe dYdX token will help create a robust ecosystem in terms of governance and staking, each designed to drive the future growth and decentralization of dYdX, resulting in a better user experience. “

๐Ÿ‘‰ To read on the same topic: Decentralized Exchange (DEX) dYdX Raises $ 65M from Paradigm

Newsletter ๐Ÿž

Receive a recap of crypto news every Sunday ๐Ÿ‘Œ And that’s it.

About the author: Florent David

twitter-soothsayerdatatwitter-soothsayerdata

Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.

Back to top button