How to Buy dYdX (DYDX)

50% of the 1 billion DYDX tokens that were minted at the time of its launch were set aside to be airdropped to dYdX users. The event went on to garner significant attention in the crypto community, catapulting the popularity of the dYdX exchange during the period.

According to news reports, the DEX had airdropped DYDX tokens worth almost $1 billion by the first week of September. This takes into account the DYDX price at the time, which stood at over $11 by the time 7.5% of the max supply of tokens was airdropped to users.

All dYdX users who had been active on the DEX prior to 26 July 2021 were eligible to receive airdrops of the DYDX crypto. In the initial launch of the token, 7.5% of the supply was airdropped to over 64,000 users of the dYdX market who had performed at least one trade on the exchange.

The DYDX token serves as the governance token of the dYdX exchange. 25% of its total supply has been earmarked to be distributed as rewards to users of the exchange. You can claim DYDX rewards in the following ways:

1. Being an Active Trader on dYdX and Holding the Token

The Layer 2 dYdX is faster and charges lower transaction fees, tackling the high gas fees on Ethereum. Traders using the Layer 2 protocol are eligible to receive rewards for their trading activities based on the platform’s trading volume and level of activity. DYDX holders receive rewards paid out at regular intervals.

2. Staking DYDX

You can earn DYDX by lending liquidity to the dYdX exchange. You also have the option of staking your tokens to the safety pool to improve the security of the exchange and earn rewards every 14 days.

3. Lend Liquidity on KuCoin

You can also earn DYDX easily via KuCoin’s Crypto Lending feature. Simply head to the page and look for the DYDX crypto. Enter the number of tokens you wish to lend and select the duration (7 days, 14 days or 28 days) to view the daily interest rate and get an estimate on profits.

Uniswap and dYdX are among the leading DEXs based on Ethereum but are quite different. Here are some of the main differences between dYdX and Uniswap:

TVL

Uniswap, one of the oldest and most established decentralized exchanges on Ethereum, has a far higher TVL than dYdX. As of June 2022, the TVL of Uniswap is just under $5.75 billion, making it the fifth largest DeFi protocol by total value locked on the Ethereum blockchain. On the other hand, dYdX ranks 13th with a TVL of under $1 billion and experiences lower trading volume.

Number of Integrations

Uniswap has a far higher number of integrations than dYdX as it enjoys a far wider reach and size. This makes the Uniswap platform far more versatile for experienced crypto traders.

Number of Services

dYdX offers more services to its users than Uniswap. In addition to functioning as an AMM and DEX like Uniswap and supporting DeFi projects, dYdX enables users to perform margin trading on cryptos as well as lending and borrowing. However, you cannot perform yield farming on the dYdX platform.