The decentralized exchange, which uses the dYdX Starkware Layer 2 protocol, is experiencing an unprecedented increase in the net trading volume of its margin and futures products. Meanwhile, the exchange’s DYDX token price is trading at an all-time high 10 days after it was launched.
DYDX 4h price table | Source: Tradingview
1.33 billion US dollars traded on dYdX in 24 hours
According to the founder Antonio Juliano, the decentralized exchange dYdX is currently the most popular DEX in the industry.
On September 17, 2021, the total amount of all transactions on dYdX exceeded $ 1.334 billion with a 47% increase in daily trading volume.
– Antonio | dYdX (@AntonioMJuliano) 17.09.2021
Uniswap v3, a leading decentralized exchange powered by Ethereum, processed $ 1.15 billion, 0.47% in less than 24 hours.
The top DEX on Binance Smart Chain, PancakeSwap, also saw a double-digit increase in trading volume. For PancakeSwap, the total daily trading volume is over $ 1.02 billion.
The biggest airdrop in crypto history
September 2021, dYdX released the DYDX governance token and was immediately listed on many major exchanges such as Binance, OKEx, Huobi and Kucoin.
64,306 users received DYDX at the biggest airdrop of all time in crypto history. A total of 75 million tokens were distributed, with each user receiving at least 310 to 9,529 DYDX. You just need to deposit any token without trading on the exchange and you are eligible to receive 310 tokens.
Since the DYDX price is trading at $ 18, which means the least amount of people will get $ 5,580, the person with the most (total transactions over $ 1 million) will get $ 171,500.
The dYdX platform also runs a liquidity incentive program worth 3,835,616 DYDX, or approximately $ 69 million for traders on their futures exchange for 1 epoch every 28 days. This is a huge reward that makes traders flock to this exchange.
69 million US dollars, which are allocated to traders based on trading volume, ensure enormous appeal with dYdX.
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Qin Shi Huang
According to AZCoin News