Decentralized exchange dYdX’s native token DYDX DYDX/USD is rallying over 30% in the last 24 hours, surpassing Bitcoin BTC/USD, Ethereum ETH/USD gains.
What Happened: At the time of writing, DYDX was trading at $3.174. Apex crypto above $23,000, up 1.2% and ETH at $1,584 up 1% in the last 24 hours.
The rise in DYDX price came after the dYdX Foundation on Tuesday issued new governance tokens for its Layer 2 protocol on the blockchain.
See More: Best Crypto Day Trading Strategies
According to a blog post by dYdX, an initial allocation of 1 billion DYDX tokens, programmed to become accessible over five years, was minted and made available starting August 3, 2021. To ensure fair distribution, 27.7% of the tokens were reserved for past investors of dYdX Trading Inc., 15.3% for founders, employees, and advisors of dYdX Trading Inc. and dYdX Foundation, and 7.0% for future employees and consultants of both organizations.
The purpose of the governance token is to enable a community-governed protocol and to align incentives among traders, liquidity providers, and partners.
Read Next: Bitcoin, Ethereum, Dogecoin Spike Ahead Of Fed Decision: Analyst Sees Apex Crypto Hitting 'Triple-Headed Resistance Monster'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
