Airdrops have been a fan favorite in the cryptocurrency ecosystem for years as they provide projects with a way to reward early adopters and increase token distribution.
The latest project, which surprises its support community with retroactive rewards for its newly minted token, is dYdX, a non-custody decentralized derivatives exchange that operates on a Layer 2 version of the Ethereum (ETH) network.
Data from CoinGecko shows that DYDX is trading at $ 10.28 on its first day of live trading at the time of writing, after hitting an intra-day high of $ 14.24.
DYDX / USD 5 minute chart. Source: CoinGecko
The number of tokens received by each user was determined by their previous active trading on the platform, with the lowest level user 310 tokens for trading at least $ 1 on the exchange and the highest level user 9,529 tokens for Received trading volumes in excess of $ 1 million.
Distribution of airdrop tokens. Source: dYdX Foundation
At the daily high of $ 14.24, the airdrop was worth between $ 4,414 and $ 135,692, with the average user trading between $ 1,000 and $ 10,000 on the platform receiving 1,163 DYDX worth $ 16,561.
Related: Ethereum Layer-Twos reportedly processes more transactions than Bitcoin
The ongoing change towards layer two solutions
The retrospective “release” of the DYDX governance token marks a major step for the protocol on its journey to a fully decentralized, community-managed platform. This is yet another sign of greater postponement from a growing number of projects moving to Layer 2 solutions to operate in a lower fee environment.
Many blockchain projects are migrating to various cross-chain and Layer 2 solutions such as Polygon and dYdX was actually one of the first decentralized exchanges to announce that it would start on StarkWare, a Layer 2 solution developed in collaboration with StarkEx .
According to data from dYdX, by the end of the first mining era, there were 32,700 DYDX holders and the platform had traded $ 13.8 billion a month and deployed $ 141 million in market maker capital.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.