Dydx Protocol Unlocks Airdrop Rewards; Users Get up to $50K – Dydx, a derivatives decentralized exchange, announced yesterday the unlocking of its airdropped governance token, dydx. The platform had airdropped these tokens on August 3, but users had to wait for an initial transfer restriction period to be able to withdraw funds. The token, which will be used as a reward and also as a governance token, experienced a quick appreciation in price.
This contributed to the most active users getting more than $50K worth of tokens. The protocol dropped tokens to each one of the users that traded even a dollar on the platform. Anyone depositing funds in the platform before July 26 and doing a trade before August received at least 310 tokens. Power users got more tokens according to their participation. More than 64,000 users received the airdrop, according to Dydx’s data.
As a result of the activity from the airdrop, the price of the token skyrocketed to near $16 dollar levels, and at the time of writing, it hovers around $15.
Some Users Rejoice, Others Lament Location
Users of the protocol quickly took this information to social media, where they expressed their happiness about the airdrop unlock. This is one of the heftiest airdrops to ever happen on the Ethereum network, besides the Uniswap airdrop that happened last year. However, Dydx specified the airdrop would not be distributed to users in the U.S. due to worries about securities laws and possible repercussions. The group’s announcement stated:
DYDX is not available in the United States or other prohibited jurisdictions. If you are located in, incorporated or otherwise established in, or a resident of the United States of America, you are not permitted to receive a distribution of, or transact in DYDX. Trading fee discounts are subject to change at the discretion of dYdX Trading, Inc.
This elicited condemnation from Twitter users that would have been able to claim the airdrop otherwise, with some of them putting the blame on the SEC.