Leading Ethereum DeFi platform, dYdX, has seen its active user base swell over 290% in the week following the announcement of its much awaited governance token $DYDX.
A total of 1 billion DYDX tokens have been minted and will become accessible over the next 5 years.
As the new tokens were released for users to purchase , the platform registered its largest daily trading volume of over $337 million, momentarily becoming the largest decentralized perpetuals exchange.
Unique active wallets interacting with the platform swelled over 293% week-on-week taking the platform to 8,740 active wallets in just 7-days.
These wallets drove over $2.1 billion in volume through the dApps smart contracts.Â
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SEE ALSO:Â Decentralized Exchange, dYdX, Raises $65 Million Signaling Growing Interest in DeFi Among Investors
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Founded in 2017 by a former engineer at both Coinbase and Uber, dYdX is a leading decentralized exchange (DEX) offering perpetual, margin, and spot trading, as well as borrowing and lending pools on Ethereum.
The launch of the governance token is part of the wider plan to acquiesce control of the protocol to its users.
The token will allow the dYdX community to truly own and govern the protocol. Through shared control, the decentralized exchange hopes to align incentives between traders, liquidity providers, and wider stakeholders.
As part of its plans to enhance community and service, the platform also introduced new features including:
- Retrospective mining rewards for past users of dYdX protocols
- Liquidity mining rewards for traders and liquidity providers on dYdX’s layer-2 perpetual markets
- A liquidity staking pool is being introduced for USDC stakers to earn in exchange for liquidity
- A safety pool, where dYdX stakers can earn rewards for securing the system
2 main reasons are being attributed to the bump in activity:
- dYDx is one of the last leading DeFi protocols to launch a governance token
- Part of the token release plan includes allocating a portion to past users for their contributions and loyalty to the platform, which represented much of the activity on the platform, as users went to check if they had received rewards
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RECOMMENDED READING: Smart Contracts for Democracy: A Look at How Decentralized Autonomous Organizations (DAOs) are Organized and Run
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