dYdX Airdrop: Shaping up to be the Most Expensive Airdrop in Crypto History

Watcher.Guru
dydx airdrop

On August 3, 2021, dYdX Protocol, on Twitter, announced the launch of their Foundation, dYdX Foundation. This move is the first of many to come that will see dYdX become wholly and genuinely decentralized. 

What is the Good News?

On August 9, 2021, the dYdX Foundation announced its governance token, $DYDX. Like all Decentralized Autonomous Organizations (DAOs), they need a governance token to give the community voting power.

Therefore, the Foundation came up with a plan to distribute the $DYDX token in an airdrop to eligible historical users of the platform. They took a snapshot of eligible users up to July 26, 2021, at 00:00:00 UTC.

dYdX Airdrop Details and How to Claim

Eligible past users of the platform get a certain amount of $DYDX tokens allocated to their addresses. Also, they are divided into several categories depending on the amount of volume they traded in the past. The lowest amount allocated to any address is 310.75 $DYDX, while the highest amount is 9,529.86 $DYDX. 

To claim the airdrop, all eligible past users have to meet their corresponding claim milestones on Layer 2 Perpetuals. For example, an address allocated 310.75 has to make at least one trade on Layer 2 Perpetuals to unlock all the 310.75 tokens.

The details of the categories and claim milestones are on the dYdX Foundation blog. This is the Retroactive Mining Program.

Already Hit all the Milestones. What Next?

The dYdX Foundation has set a 7-day waiting period which ends on September 8, 2021, at 15:00:00 UTC. On this day, the tokens unlocked by all those who hit the milestones will become transferable.

dYdX Airdrop

The purpose of the airdrop is to reward past protocol users and to encourage new ones to join the platform. Epoch 0 (Retroactive Mining Program) ended August 31, 2021, and currently, the airdrop is in Epoch 1.

In Epoch 1, active traders receive trading rewards in the form of $DYDX tokens. This enables them to be the most significant participants of the dYdX DAO. Also, a Liquidity Mining program where users can stake $DYDX in the liquidity pool and earn rewards is ongoing. Staking is crucial because it contributes to dYdX Layer 2 (L2) Liquidity.

Why is dYdX Airdrop a Big Deal?

Evidently, the DYDX airdrop has the markings of a blue-chip airdrop. Firstly, dYdX L2 Perpetual, which only has 23 trading pairs, is doing about $300 million in daily trading volume. This shows massive usage for the platform.  Furthermore, CryptoTwitter (CT) heavily speculates on the token price when the transfer restriction is lifted on September 8, 2021.

One ElderberryLind on Twitter posted a thread where he reckons the token price might trade at $50 – $70. His speculation is based on several factors. Some of them include the dYdX robust platform on layer 2, the dual-use case of the token as a governance token and as a fee-discount enabler, and the big-name investors such as a16z, Delphi Digital, Paradigm, and Brian Armstrong (CEO and Co-Founder of Coinbase) among others.

Conclusion

$50 is just one of the many price speculations. While Twitter rants are not predicting the future, they shed some light on possible price points expected. As of now, there are hundreds of $DYDX price speculations ranging from $6.5 all the way to $300. Whatever the price, the $DYDX airdrop will be bigger than the $UNI airdrop, the first-ever massive airdrop on crypto space.