Leading Ethereum DeFi platform dYdX has seen its active user base swell over 290% upon the announcement of its own governance token DYDX. Resulting in the platform registering its largest daily trading volume of over $337 million and momentarily becoming the largest decentralized perpetuals exchange. As 1 billion tokens became available users rushed to snap them up and also take advantage of staking and passive earning mechanics offered by holding the token.
Unique active wallets interacting with the platform swelled over 293% week on week taking the platform to 8,740 active wallets in the last 7-days. These wallets drove over $2.1 billion in volume through the dapps smart contracts.
The release of a governance token traditionally has the ability to stimulate users of a platform for several key reasons. Firstly, dYdX was one of the last leading DeFi platforms to release such a token and as such created a buzz around it. Secondly, past users are allocated a portion of the tokens for their contributions and loyalty to the platform.
This part of the token distribution mechanic is arguably responsible for the increase in wallet activity as users flooded in to check if they would be receiving anything. Importantly the wallet activity snapshot occurred on the 26th of July so these are not new users trying to perform a simple action in return for a reward. Moreover, DYDX allocations for users who have achieved a claim milestone can be claimed after September 8, 2021, at approximately 15:00 UTC by clicking claim on the dYdX website.
You can find the full details of the earning and staking opportunities using DYDX here. Historical users of dYdX can view their past activity and tier for retroactive mining here. While staking USDC to the liquidity staking pool can start earning you rewards here. Once collected those rewards can then be placed in the safety pool for further rewards.
Newsletter The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, NIOX, AGIX, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, SHIBA INU, AND OCEAN.
