DeFi platform dYdX to issue governance token and distribute it to users

The non-custodial trading platform dYdX will issue a governance token, part of which will be distributed among users via an airdrop.

On the project’s site говорится, that 75,000,000 DYDX (7.5% of the supply) will be available to users who used the platform before July 26, 2021.

To participate in the airdrop, users will need to meet certain trading-volume targets.

“Users who completed trades on the second-layer protocol dYdX can earn the tokens,” explained the platform’s representatives.

The table below shows the token distribution options for traders based on the amounts deposited and trading turnover during the “first 28-day epoch” (Epoch 0).

Activity level data and the corresponding distribution variant can be viewed in the special section of the site.

“Users can reach their targets to receive tokens by the end of Epoch 0. All unclaimed rewards will be forfeited and automatically directed to the community treasury,” the project site says.

The developers also announced the launch of the dYdX Foundation — an independent organisation headquartered in Zug, Switzerland.

We are excited to announce the launch of @dydxfoundation, an independent foundation headquartered in Zug, Switzerland

This is the first important step in the journey towards the dYdX Protocol’s complete decentralization. Read more: https://t.co/EDHowY34ey

— dYdX (@dydxprotocol) August 3, 2021

According to them, this is an important step toward the full decentralisation of the dYdX protocol. The key element of the new governance system is to be the DYDX token, through which users will be able to vote on new proposals and platform features.

The diagram below shows the distribution structure of the DYDX token over a five-year period.

DYDX distribution excludes traders from the United States and some other jurisdictions, the list of which is not specified.

Earlier this year, in February, dYdX introduced the second-layer protocol, and in April launched perpetual swaps on top of it.

In June dYdX raised $65 million from a16z, Polychain Capital, Three Arrows Capital, Paradigm and other investors.

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