The popular decentralized exchange dYdX has announced the launch of its own management token, DYDX, with 7.5% of the issued tokens distributed among the users of the site.
According to
a statement on the exchange website, a total of 1 billion DYDX tokens will be issued, 75 million of which will be received by users who registered in the second level dYdX protocol before July 26 and made at least one transaction. At the same time, the larger the volume of trades made by the user, the more tokens he will receive. The table of remuneration can be found on the project website.
The entire emission of tokens will be distributed over five years. A quarter of DYDX will be aimed at rewarding users who made transactions, another 5% – in the project’s storage, and part of the tokens will be distributed among users providing liquidity and users of the staking pool. 27% of tokens will be sent to dYdX investors, 15.3% will be distributed among employees and consultants of the site, and 7% will be left for future employees.
Users from the United States and some other jurisdictions will not be able to access the token due to regulatory policy. Therefore, such users will not participate in the DYDX distribution, nor will they make transactions with the token.
“The DYDX token provides a robust ecosystem of governance, rewards and staking. Everything is aimed at stimulating future growth and decentralization of dYdX, which will lead to a better user experience, ”the developers say.
In addition, the developers launched the dYdX Foundation, an independent organization headquartered in Zug, Switzerland. It should help to decentralize the protocol.
In April of this year, dYdX launched perpetual cryptocurrency contracts using StarkWare’s second tier solution to reduce fees and increase trading speed.
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