Dydx Token (August 2021) What It Is & How To Get It? >> The guide shares information about the new governance token launched by the non-custodial DeFi exchange.
DyDx is a non-custodial decentralized exchange leader with the prime focus on developing secure, open, and robust financial products. The platform operates on audited smart contracts on Ethereum, and it claims to reduce the dependency on central exchanges when trading Cryptocurrencies. It has many users from the United States.
Now users will be rewarded as the platform is all set to launch its native token. The platform has decided to launch its new governance token, and it is named Dydx Token.
The tokens will be rewarded to all users who have interacted with the protocol on or before 26th July 2021.
What is Dydx?
Dydx is the widely used non-custodial decentralized exchange that aims to develop secure, open, and robust financial products for worldwide users. The audited smart contracts on ETH back the exchange, and it helps to eradicate the reliance on centralized exchange for trading. It has many users in the United States.
The exchange amalgamates the transparency and security of decentralized exchanges with the usability and speed of centralized exchanges. Recently, the platform launched the governance token to reward the users who interacted with the platform before 26th July 2021.
What is Dydx Token?
As per the foundation website, the Decartelized Finance trading platform Dydx is launching its first governance token to reward the platform users who have been waiting for many months.
The website also confirms that a portion of the first supply will be provided to the users who fulfill the conditions. Therefore, based on the calculation, 7.5% of the token will be distributed to previous users, and allocation will take place for five years.
The launch of the governance token Dydx Token is notable as it is inspired by the footsteps of famous projects, like Compound (COMP) and UniSwap (UNI.)
The token has decentralized its governance structures via retroactive airdropping to the users.
Who is the Founder of Dydx?
As per the official website, Antonio Juliano is the founder of Dydx. Besides, Brendan Chou and Bryce Neal serve as software engineers, and Zhuoxun Yin serves as the head of operations. The team also includes Philip Goldberg, who works as the software engineer at Dydx.
How will Users Receive the Rewards?
On the 3rd of August 2021, the exchange has announced the launch of a governance token, Dydx Token. The token will remain non-transferable for the first 36 days, and the holders will be rewarded with trading fee discounts. After that, they can yield to protect the protocol.
7.5% of the distribution will occur in the first 28 days, and users with higher trading volume on the DeFi exchange can claim more tokens. But, users who interact on exchange before 26th July will also get the same amount of token if they have performed at least one trade in August.
Over 64 000 addresses or ETH holders qualified for original distribution, making it the biggest airdrops in Decentralized Finance history.
Q1. What is the official website of Dydx?
A1. The official link of Dydx Token is https://dydx.exchange/.
Q2. What is the Distribution Percentage for First Supply?
A2. Over 7.5% of the distribution will take place now in the first 28 days.
Q3. When will the Token be Available for Transfer?
A3. After 8th Sept 2021, holders can start transferring the tokens.
Dydx is the leading DeFi exchange to offer secure and innovative financial products. The platform is making news about confirming the launch of its governance token.
The governance token will be available for distribution for the users of the exchange. The Dydx Token is available for 7.5% distribution. If you are the regular investor of Cryptocurrency, then check the future of Crypto in 2021 before investment.
Are you the user of Dydx Exchange? Do you qualify for the token? Would you mind sharing it in the comments section?