Airdrops have been a fan-favorite in the cryptocurrency ecosystem for years because they offer projects a way to reward early adopters and increase token distribution.
The latest project to surprise its community of supporters with retroactive rewards for its newly minted token is dYdX, a non-custodial decentralized derivatives exchange that operates on a layer-2 version of the Ethereum (ETH) network.
Data from CoinGecko shows that on its first day of trading live in the markets, DYDX is trading at a price of $10.28 at the time of writing after hitting an intra-day high at $14.24.
DYDX/USD 5-min chart. Source: CoinGecko
The number of tokens received by each user was determined by their previous trading actively on the platform, with the lowest tier user receiving 310 tokens for trading at least $1 on the exchange, and the highest tier user earning 9,529 tokens for trading volumes exceeding $1 million.
Airdrop token distribution. Source: dYdX Foundation
At the daily high of $14.24, the airdrop was