Why DeFi Token DYDX Is Up 30% Today

decentralized exchange dYdX’s native token dydx DYDX/USD has been rallying over 30% in the past 24 hours, surpassing Bitcoin BTC/USD, Ethereum ETH/USD profit.

What happened: while writing, dydx was trading at $3.174. ApexCrypto above $23,000, up 1.2% and ETH up 1% at $1,584 in the past 24 hours.

The rise in DYDX price comes after the dYdX Foundation on Tuesday issued new governance tokens for its Layer 2 protocol on the blockchain.

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According to a blog post by DYdX, the initial allocation of 1 billion DYDX tokens, programmed to be accessible over five years, has been mined and made available starting August 3, 2021. To ensure fair distribution, 27.7% of the tokens were reserved for the past. dYdX Trading Inc. Investors of dYdX Trading Inc. and 15.3% for dYdX Foundation founders, employees and advisors, and 7.0% for future employees and advisors of both organizations.

The Governance Token aims to enable a community-governed protocol and align incentives between traders, liquidity providers and partners.

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