As Chinese traders gain the governance token of dYdX amid speculation that derivatives could be transferred to DEX, intelligent DeFi farmers are claiming to be sitting in a six-digit stash after playing a recent airdrop of protocols.
DYDX gained 855% in two days as the report claimed that Chinese crypto traders were consolidating decentralized margin trading protocols as Beijing tightened its grip on digital assets.
The exchange’s governance token was airdroped to users in Sep September. As the number of tokens received by users is determined by the exchange’s historic trading activity, the news of Airdrop is crowded on the platform to capitalize on the platform. Free tokens.
With the DYDX token currently trading at 21 21 and its market capitalization exceeding 1 1 billion, many Airdrop recipients have made significant profits.
Several users took to Twitter to take pride in their AirDrop earnings, describing how they wanted to play the protocol by trading the same assets across platforms in multiple wallets under their control in order to qualify for several thousand valuable prizes.
My free DYDX The airdrop costs $ 900,000. Good morning.
– Carter (oney moneywithcarter) September 23, 2021
Twitter user Daniel Q. Tweeted That their airdrop is now worth 4 420K, noting that if he had still been in the United States he would have been excluded from the event.
“Moving to Taiwan (and not getting a green card) was a good call,” he said.
Others weren’t so lucky, with many users complaining of being “protected” from airdrop by the U.S. Securities and Exchange Commission.
7 / SEC now wants to “protect” from crypto using the same method. If you are “protected” from many Americans DDEXProtocol That’s an airdrop of 1 1 billion, because DEDX doesn’t disclose information to the SEC like a company did in the 1980s.
– myss3lium Industri3s (ysmysselium) September 27, 2021
Related: Derivatives DEX dYdX beat Coinbase spot markets by volume in China FUD
DYdX has seen impressive basic growth this year, with derivative volume growing 2,583% in the 3 months to June 30. On September 27, the daily volume of Margin Trading DEX exceeded the top US spot exchange coinbase for the first time.
The total value locked on the platform reached an all-time high of $ 503 million, according to L2beat, which ranks it as the second largest level-two network behind Total Value Locked (TVL) behind Arbitram. The exchange currently represents 20% of all second tier TVLs.