perpetuals
Los Angeles Angels’ Shohei Ohtani Joins FTX’s Global Ambassadors, MLB Superstar to Be Paid in Crypto
The cryptocurrency firm FTX Trading Ltd. announced on Tuesday that the Major League Baseball (MLB) legend Shohei Ohtani also known as “Shotime” has joined the company’s global ambassadors. According to the announcement Ohtani will be paid in cryptocurrencies and will acquire an equity stake in the crypto company. Angels’ Shotime Joins FTX At the end […]BTC Futures Open Interest Continues to Rise Following Bitcoin ETF Listings Last Month
Bitcoin futures open interest continues to remain high after the launch of the first bitcoin exchange-traded fund (ETF) on October 22. While Binance commands $5.81 billion and leads the pack, CME Group holds the second-largest position in terms of bitcoin futures open interest (OI) with $4.1 billion or 16.84% of the aggregate OI. Top Ten […]DeFi farmers boast about gaming dYdX airdrop as prices surge
DeFi farmers are claiming to have made hundreds of thousands of dollars by gaming dYdX ‘s recent airdrop.
As dYdX’s governance token gains amid speculation that Chinese traders could be migrating to the derivatives DEX, savvy DeFi farmers are claiming to be sitting on six-figure stashes after gaming the protocol’s recent airdrop.
DYDX has gained 85% in two days as reports claim that China’s crypto traders are converging on the decentralized margin trading protocol as Beijing moves to further crack down on digital assets.
The exchange’s governance token was airdropped to users on Sept. 8. As the number of tokens received by users was determined by historic trading activity on the exchange, news of the airdrop drove a flurry of activity as farmers flocked to the platform to capitalize on the free tokens.
With DYDX tokens currently trading at $21 and its market capitalization surpassing $1 billion, many airdrop recipients have made off with significant profits.
Some users have taken to Twitter to boast of their airdrop earnings, describing how they sought to game the protocol by trading the same assets on the platform between multiple wallets under their control to qualify for hundreds of thousands worth of rewards.
My free $DYDX airdrop is worth $900,000. Good morning.
— Carter (@moneywithcarter) September 23, 2021
Twitter user Daniel Que tweeted that their airdrop is “worth $420K now,” noting that he would have been excluded from the event if he were still residing in the United States
“Moving to Taiwan (and not getting a Green Card) was a good call,” he said.
Others were not so lucky, with many users complaining about having been “protected” from the airdrop by the U.S. Securities and Exchange Commission.
7/ The SEC now wants to use this same system to “protect” you from crypto. If you were one of the many Americans “protected” from @dydxprotocol 's $1 billion airdrop, it’s because dydx doesn’t report information to the SEC like a company from the 1980s.
— myss3lium industri3s (@mysselium) September 27, 2021
Related: Derivatives DEX dYdX beats out Coinbase’s spot markets by volume amid China FUD
DYdX has seen impressive fundamental growth this year, with derivatives volume gaining 2,583% over a 3 month period since June 30. On Sept. 27, the margin trading DEX’s daily volume outpaced that of leading U.S. spot exchange Coinbase for the first time.
The total value locked on the platform has just hit an all-time high of $503 million according to L2beat, which ranks it as the second-largest layer-two network by total value locked (TVL) behind Arbitrum. The exchange currently represents 20% of all second-layer TVL.
Derivatives DEX dYdX beats out Coinbase by volume amid China FUD
Chinese traders appear to be flocking to derivatives DEX dYdX amid concerns over a renewed crypto crackdown in China.
Decentralized derivatives exchange dYdX has seen a surge in trade activity as concerns surrounding a renewed Chinese crypto crackdown have circulated this year, with the DEX now processing more volume than Coinbase for the first time.
According to CoinGecko, dYdX has facilitated more than $4.3 billion worth of trades in the past 24-hours, beating out Coinbase $3.7 billion in volume by nearly 15%. DYdX founder and former Coinbase employee Antonio Juliano celebrated the milestone in a Sept. 27 tweet.
5 years ago I left @coinbase and eventually founded dYdX
— Antonio | dYdX (@AntonioMJuliano) September 26, 2021
Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase pic.twitter.com/QzoKAUpH29
The surging growth for dYdX comes amid renewed concerns regarding the threat heavy-handed Chinese regulation could pose for the global crypto sector.
On Sept. 24, Beijing intensified its crackdown on crypto assets by banning all digital currency transactions. The People's Bank of China said in a statement that cryptocurrencies are “not legal and should not and cannot be used as currency in the market.” As reported by Cointelegraph, China has "banned" or caused FUD in the crypto space on 19 separate occasions since 2009.
In a Sept. 26 tweet, China-based crypto reporter Colin Wu noted a recent surge in demand for decentralized exchanges and other DeFi products among Chinese users, stating:
“A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.”
In late June, one of China’s largest crypto exchanges, Huobi, banned domestic derivatives trading. The following month, Huobi closed its China-based exchange operator as pressure from Beijing escalated before halting all new registrations for Chinese users on Sept. 24.
Over the past 6 months, dYdX has grown by 19,700% in terms of daily exchange trade volumes which were just $22 million at the end of April according to CoinGecko.
Coinbase comparatively has remained relatively flat in terms of exchange volume growth over the same period with around 6%. Coinbase volumes did surge to an all-time high of $19 billion in late May when crypto markets were also at their peak.
Wu also noted that other derivatives exchanges were seeing an uptick in Chinese registrations, stating “FTX registrations may also be on the rise. The Chinese community is sharing its registration link.”
DYdX offers a range of perpetual contracts on various crypto assets allowing traders to hold leveraged positions without using contracts with a fixed expiration date.
Related: dYdX exchange releases governance token, making its airdrop worth up to $100K
L2beat, which tracks data for layer two protocols, is reporting that dYdX is currently second in terms of total market share with around 19% and $478 million in total value locked, an increase of 20% over the past 7 days.
In September 2019, Coinbase invested 1 million USDC stablecoins into dYdX in what it called a USDC Bootstrap Fund. In June this year, dYdX raised $65 million in a Series C funding round led by venture fund Paradigm.
Stacks AMM Revealed, Native Bitcoin Swaps Executed With Proof-of-Transfer Protocol
According to a recent report, the first trust-less swap between the Bitcoin blockchain and Stacks protocol has been executed. The co-founder of the Stacks protocol, Muneeb Ali tweeted about the native bitcoin swap and said the progress is a big deal. Trust-less Native Bitcoin Swap Executed With an NFT Called ‘Boombox’ On July 23, a […]Despite Negative Press, Binance Is Still the World’s Largest Crypto Spot and Derivatives Exchange
While Binance has had a few issues with payment service providers and regulators from a few countries, the centralized cryptocurrency exchange is still the largest trading platform in terms of trade volume. During the last 24 hours, Binance has recorded roughly $8.6 billion in swaps and the trading platform commands the highest trade volume out […]