DYDX Token Unlocked: dYdX Foundation Drops Over $50,000 in Free Money to Users

dYdX Foundation

The dYdX Foundation airdrop has finally taken place. On September 8, 2021, the Foundation announced that the DYDX tokens were finally claimable. The DYDX token airdrop becomes one of the latest in a line of massive airdrops from blue-chip decentralized finance (DeFi) protocols.

What is the dYdX Foundation?

The dYdX Protocol is a decentralized derivatives exchange that enables users to receive retroactive rewards for their newly minted token, DYDX. The dYdX Foundation, an independent Decentralized Autonomous Organization (DAO) for the dYdX community, arose from this Protocol. Furthermore, the Foundation is now issuing free DYDX tokens to eligible community members.

What is the DYDX Token?

The DYDX token is a governance token for the dYdX DAO. The community around a project usually runs the project DAO. The governing token gives the community the right to propose and vote on the development of the project. For dYdX Foundation, the DYDX token is the vote. Therefore, the dYdX community can now officially govern the dYdX layer-2 Protocol with the DYDX governance token.

Expected Airdrop Value

A few hours after listing on every major CEX and DEX, DYDX is trading at $12.95 (as of the time of writing). According to speculation on CryptoTwitter, DYDX was to start trading at around $10 – $15. This prediction was based on the initial circulating supply and the demand for the token. DYDX hit an intraday high of $14.94 a couple of hours into the trading session.

According to data from CoinGecko, there are 1 billion DYDX tokens in total. However, only 55,680,000 of them are circulating. Since DYDX has a Fully Diluted Value (FDV) of $12 billion, if all 1 billion tokens go into circulation, DYDX will sit around rank 12 on CoinGecko.

How Much is the Airdrop Currently Worth?

The dYdX Foundation grouped eligible users into categories, with the least getting 310.75 DYDX tokens and the most 9529.86 DYDX tokens. At the current $12.95 price, the airdrop is worth between $4000 and $123,000. Hence, the DYDX airdrop becomes one of the most rewarding airdrops in crypto history. 

According to data from dYdX, as of the first mining epoch, it had 32,700 users and had transacted $13.8 billion worth of monthly trading volume. Clearly, it’s an established derivatives behemoth.

The DYDX token airdrop-unlock received massive hype on Twitter. Furthermore, the token is listed on most tier-1 exchanges (both CEXs and DEXs). For example, BinanceHuobiOKExKuCoinFTX, and MEXC, listed DYDX within 24 hours of the token unlock.

Can the Airdrop Reward Become More Valuable in the Future?

Recently, many blockchain projects have been migrating to layer-two solutions. For example, L-2 solutions like dYdX Starkware and Polygon make trading and contract execution much easier and efficient because of zero gas fees and fast transaction speeds. Therefore, dYdX is currently poised to be the leading L-2 DEX trading platform that offers derivatives.

Because of this, the price of the DYDX token could go up within the next few months. With such a performance on only the first day of trading, the future looks bright. The value of the airdrop could, potentially, rise into the millions.