Airdrops have been a fan-favorite within the cryptocurrency ecosystem for years as a result of they provide tasks a technique to reward early adopters and improve token distribution.

The newest mission to shock its group of supporters with retroactive rewards for its newly minted token is dYdX, a non-custodial decentralized derivatives alternate that operates on a layer-2 model of the Ethereum (ETH) community.

Information from CoinGecko exhibits that on its first day of buying and selling dwell within the markets, DYDX is buying and selling at a value of $10.28 on the time of writing after hitting an intra-day excessive at $14.24.

DYDX/USD 5-min chart. Supply: CoinGecko

The variety of tokens acquired by every person was decided by their earlier buying and selling actively on the platform, with the bottom tier person receiving 310 tokens for buying and selling no less than $1 on the alternate, and the very best tier person incomes 9,529 tokens for buying and selling volumes exceeding $1 million. 

Airdrop token distribution. Supply: dYdX Foundation

On the each day excessive of $14.24, the airdrop was price between $4,414 and $135,692 with the typical person who traded between $1,000 and $10,000 in worth on the platform receiving 1,163 DYDX price $16,561.

Associated: Ethereum layer-twos reportedly processing more transactions than Bitcoin

The continuing shift to layer-two options

The retroactive ‘launch’ of the DYDX governance token marks an enormous step for the protocol because it embarks on its path to changing into a completely decentralized, community-governed platform. It’s and one other signal of a bigger shift by a rising variety of tasks shifting to layer-two options with a purpose to function in a decrease charge atmosphere.

Many blockchain tasks are migrating to numerous cross-chain and layer-two options like Polygon and dYdX was truly one of many first decentralized exchanges to announce that it might launch on StarkWare, a layer-two resolution it developed along side StarkEx.

In line with data from dYdX, on the shut of the primary mining epoch, there have been 32,700 DYDX holders and the platform had transacted $13.8 billion in month-to-month buying and selling quantity and $141 million in market-maker capital has been staked. 

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.