- Leading decentralized perpetual exchange, dYdX Chain, will distribute $20M of DYDX to active traders over six months.
dYdX, the leading decentralized perpetuals exchange, has launched a program to attract users and boost liquidity on its recently launched Cosmos-based appchain, dYdX Chain.
Users will receive DYDX tokens as rewards based on their trading activity, with $20M worth of tokens being distributed over a six-month period.
To ensure the program’s integrity, Chaos Labs will identify and disqualify wash trading practices. This will prevent users from attempting to exploit the system and ensure that rewards are allocated to genuine participants.
Read Also: dYdX Chain completes mainnet migration, rolls out $20 million in DYDX token rewards
The launch of trading incentives coincides with the conclusion of dYdX Chain’s beta phase. Initially, the available trading pairs consist of BTC, ETH, SOL, and LINK, with additional pairs expected to be gradually introduced in the upcoming weeks.
The dYdX operations subDAO team said more than 437M ethDYDX tokens have already been bridged to the dYdX Chain, and 16.4M DYDX is staked on the platform.
Last week, dYdX faced criticism from the community when its founder, Antonio Juliano, revealed a $9M shortfall resulting from what he described as a targeted attack.
Juliano has stated that the incident is being reported to the FBI as a case of market manipulation. Fortunately, users’ funds remained unaffected as the protocol’s insurance fund covered the shortfall.
The DYDX token is down 7% in the past week ahead of a scheduled unlock of 150M tokens on December 1.
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