1. It is a Governance Token.
DYDX empowers holders to participate in the administration of the dYdX platform through policy offerings, or vote on the policies proposed by others.
2. As a reward from staking
People who deposit USDC Stablecoin on the platform (Staking) to support the platform's liquidity. DYDX tokens will be rewarded based on the amount of USDC deposited.
3. As a reward from trading
In addition to USDC deposits, dYdX exchange users are rewarded for their contributions to the platform as DYDX tokens.
4. Use as a discount on fees
dYdX also has a policy of reducing exchange fees on its platform for holders of DYDX tokens, which can range from 3% to a maximum of 50%.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article