DeFi Protocol dYdX Launches DYDX Governance Token

(Source: dYdX)

In addition, the protocol also launched the liquidity staking pool for USDC and a safety staking pool for DYDX that allow both USDC and DYDX token holders to stake their crypto assets and earn rewards in DYDX tokens.

However, the announcement also speaks in detail about risks associated with staking including the liquidation and smart contract risks.

Besides offering rewards for staking the DYDX and USDC tokens, the protocol is also offering liquidity providing (LP) rewards to users who provide liquidity to the protocol and, in turn, attract more trading volume toward the platform.

DeFi Protocols Continue to Launch Utility Tokens

With the launch of the DYDX token, dYdX Protocol has become the latest DeFi platform to launch a token to users with retroactive eligibility.

In September 2020, BTCManager reported that the leading DeFi decentralized exchange Uniswap had launched the UNI governance token worth more than $1,200 to its users.

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