Thursday, July 25, 2024

DYDX increases 80% in a week — What is leading the DEX token rally?

The price for the native token of dydx, known as DYDX, rose by nearly 80% this week. This happened even as traders were trying to assess what its potential was, given the ban China recently imposed on any transactions related to cryptocurrency.

The price for DYDX reached $26.50. This happened on the FTX exchange. Just one week ago, the DYDX token was trading for around $13. The ban in China served as momentum for DEX, or the dydx Decentralized Exchange.

DYDX and the Surge

Those who hold DYDX have the power to vote for changes when it comes to the dydx protocol for layer 2. Stakeholders are awarded when they make deposits to liquidity staking pools belonging to DEX.

Holders can also receive discounts for trading fees, based on the amount they have in their DYDX reserves.

DYDX tokens can be distributed or even airdropped to users. The amount of tokens users have can be based on the activity in their accounts. Even the lowest tier, where traders can invest as low as $1, receives rewards. They received 310 DYDX.

Those who traded more, such as millions in digital assets, received higher rewards. Their rewards went up to nearly 9529 tokens.

DYDX Tokens and Earning

Even those who had free DYDX tokens made upwards of $245,000, when the cryptocurrency reached record highs. One trader even made around $900,000.

The price per token had been corrected to around 10% a little later. Despite this, users profited from their daily returns.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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