dydx Takes A Quantum Leap; Airdrops Governance Token To Users

2 min read | September 09, 2021 02:22 PM AEST | By Daniel Paul Johns

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dydx Takes A Quantum Leap; Airdrops Governance Token To Users — Image source: mojo cp, Shutterstock.com

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Highlights

dydx is a governance token that allows its community to govern the dydx Layer 2 Protocol

In dydx, the number of tokens sent to each user was determined by the level of their activity on the platform

Users of the dydx platform got a nice surprise this morning when its new governance token, called dydx, was airdropped to them.

The move by dydx developers aims to achieve a fully decentralised, self-governed platform.

What is dydx?

The dydx token is a cryptocurrency allows traders, liquidity providers, and partners of the dydx platform to work collectively towards an enhanced protocol by enabling shared control of the protocol.

Image source © Vectorvalera | Megapixl.com

Moreover, dydx aims to provide its users with a better online experience by providing and enabling a robust ecosystem around governance, rewards, and staking — each designed to drive future growth and decentralisation of dydx.

What’s an Airdrop?

An airdrop is a marketing strategy that involves sending tokens to the platform users’ wallet addresses for free or in return for a small service, such as promoting the company online.

About dydx, the number of tokens sent to each user was determined by the level of their activity on the platform.

The lowest tier users received 310 tokens while the highest tier received 9,529 tokens.

dydx is a governance token that allows the dydx community to truly govern the dydx Layer 2 protocol.

Image source © Kviztln | Megapixl.com

Governance Tokens

A governance token is available on proof-of-stake protocols and means that those who hold the token make decisions regarding the future direction of the platform.

dydx joins a growing list of platforms who have developed a layer 2 proof-of-stake protocol in order to combat the energy consuming mining process of proof-of-work protocols such as Bitcoin.

The release of the dydx token is a big step for the platform as it continues to strive for a fully decentralised and community-governed platform.

When the token was released this morning, it was priced at US$12.44. It reached a high of US$14.24 and now sits at US$12.94 at the time of writing, according to CoinGecko.

dydx has a market capitalisation of US$711,519,200 and a circulating supply of 55,700,000.00 tokens while it’s max supply is capped at one billion tokens.

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