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

The most recent challenge 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 reveals that on its first day of buying and selling reside 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 obtained by every consumer was decided by their earlier buying and selling actively on the platform, with the bottom tier consumer receiving 310 tokens for buying and selling at the least $1 on the alternate, and the best tier consumer incomes 9,529 tokens for buying and selling volumes exceeding $1 million. 

Airdrop token distribution. Supply: dYdX Foundation

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

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

The continued shift to layer-two options

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

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

Based on 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 writer and don’t essentially mirror the views of Each funding and buying and selling transfer includes danger, it’s best to conduct your personal analysis when making a call.