Decentralized Exchange dYdX Released Its Governance Token

by in DeFI News

dYdX governance token

Ethereum-based Layer 2 protocol dYdX released its governance token on September 8. The airdrop surpassed $100.000.

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dYdX exchange was launched in 2017. It offers users decentralized derivatives, margin, and spot trading. According to data from DeFi Pulse, the total value locked in the platform stands at above $426 M at the moment. dYdX revealed plans to release a governance token last month.

Via the token, users can vote on network proposals, receive staking rewards and get trading fee discounts. At the moment, the token trades at about $12.83. DYDX's price peak for the first day was $14.55.

DYDX token has a maximum supply of 1 billion. 7.5% of this initial supply went to previous dYdX users according to their performed activity on the platform. The lowest number of tokens is 310 given for trading at least $1 on the DEX. The highest number is 9529 tokens for trading volumes above $1 million. Leading crypto exchange Binance announced listing the new cryptocurrency in its innovation Zone.