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Tuesday, May 30, 2023

dYdX and how are they bringing change in the Financial Market

The market becomes the most profitable when it empowers the traders to buy and sell shares of companies without too much hassle and paperwork. One of the reasons why crypto-trading has been spreading like a pandemic among novices and non-experts is the accessibility of the crypto-currencies in easily being traded through different kinds of exchange platforms. In all of these exchanging platforms, the goal is the same. To provide a system that attracts the greatest number of users and in order to do that the users feel like their assets are secure and in their hands, and providing the relatively deprived with those financial tools and products so that fair financial transactions are made. One platform that is undertaking this endeavor is the dYdX platform.

Cryptocurrencies do currently hold the same fiscal value as what the real money has and this is due to its aspect of decentralization and privacy. The aforementioned characteristic scares the regulating institutions particularly those in the first-world country. So a hostile climate has been developed against the institutional perception of cryptocurrency. China is a recent example where it banned any sort of crypto-related activity.

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China is a very big market and crypto did take a hit due to this. But the harsh attitude of the Chinese state only made the investors shift their assets through a different platform as “shutting down crypto” is nearly an impossible thing to do. But nevertheless, the new direction towards which the Chinese crypto-market shifted itself involved decentralized financing (DeFi) products such as that of dYdX. This is reflected in the fact that the trading volume of dYdX overcame the trading volume of Coinbase. That is big. And with more bans by government rather than embracing the change, the shift will become a popular pattern across every kind of investor.

dYdX – Current Movement

Just from two weeks ago, dYdX made a huge jump for $13 to $24 at the time of writing of this article. This is a fluctuating figure due to the Chinese government’s attack on any sort of crypto-transactions. As far as the technical aspects of dYdX is concerned, holding dYdX gives owners the right to propose and vote on changes to dYdX’s layer 2 protocol. DYDX stakers receive rewards by depositing to the DEX’s related liquidity staking pools. Users also benefit by receiving a discount on trading fees that are based on the size of their DYDX reserves.

Airdrop proved really Profitable

DYDX distributed—or airdropped—DYDX tokens among its users based on their activity on its DEX platform. The lowest tier, which had traded as minimal an amount as $1 on the exchange, received 310 DYDX. Meanwhile, those who traded more than a million-dollar worth of digital assets on dYdX received 9,529 tokens .As a result, many traders who held onto their free DYDX tokens earned more than $245,000 in profits as the cryptocurrency reached its record high of $26.50 Wednesday and fluctuating around the same place now.

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