How to Get $DYDX Token Airdrop?

2021-08-09 09:50:00 · 2485 views · 4 min read

 

On 4th Aug, dYdX announced the launch of its governance token $DYDX. This token launch has already been predicted in our previous article: 3 Top-Performing DeFi Projects to Watch for Potential Token Launch and Airdrop.

A total of 1,000,000,000 $DYDX tokens have been minted. 50% of the total supply will be airdropped to dYdX users, divided as follow:

Are you qualified to receive the token airdrop? How to earn $DYDX tokens? Here’s a simple guideline.

 

 

The $DYDX token can be earned in 2 ways: 

 

 

1. By using the dYdX protocol

 

$DYDX tokens have been allocated to dYdX’s historical users according to a snapshot ending 0:00 UTC 26th July 2021. So if you have traded in dYdX before, you are on the list to be rewarded. 

 

 

There are 5 tiers of allocation depending on the usage across dYdX. However, you cannot claim your $DYDX directly even though you meet the standard. You must complete certain interactions with dYdX’s layer 2 version.

For example, if you are a historical dYdX user who has traded $1-10K, you will be able to claim 310.75 $DYDX tokens after you make 1 trade on the dYdX layer 2 protocol.

You can check how many tokens you can receive by clicking on the new “Rewards” button on the left toolbar on the dYdX homepage, as they are the trading rewards.

 

 

 

2. By staking $USDC or $DYDX to pools

 

Another way to receive $DYDX rewards is to stake $USDC or $DYDX. At present, the $USDC pool is live and the $DYDX safe pool is coming soon. 

At the time of writing, the yield earning per day is 0.13 $DYDX for every $1K $USDC staked. Your staking rewards are distributed continuously according to your portion of the total $USDC in the pool. 

You must request to unstake $USDC at least 14 days before the current epoch ends in order to be able to withdraw $USDC in the next epoch. Each epoch lasts 28 days. If you do not request to withdraw, the staked $USDC will automatically be rolled over into the next epoch.


 

Does the token Launch boost dYdX’s on-chain performance? Let’s check its dashboard

The news has definitely become a hot issue on social media, which boosts dYdX’s social signal from 816 on 4th Aug to almost 3K till today.

 

 

dYdX’s daily users sharply increased 560% from 30 on 2nd Aug to 198 on the announcement day, 4th Aug. The daily transaction also dramatically grew 300% to 374 in the same period. 

 

 

There’s no obvious upward trend in its volume until 7th Aug, when it suddenly went up to $411.27M. Yet it’s relatively small compared to the previous ATH volume.

 

 

The reason might be that most users (20,305 out of 36,203) are in the Traders $1-10K tier, and they only need to complete 1 trade in the layer 2 protocol, with no minimum amount required. So the users flew in the protocol, just making small trades in order to claim their rewards.

 

 

 

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