Only significant drop off is early October, which was market wide.
dYdX has had significant sell walls at .80, which is why we didn’t follow a blow-off top into the .85-$1 range following the rest of the market.
dYdX also has buy walls at .20 and below, which coincided with where we currently stand.
Relatively, dYdX is a small cap token, on a hard to reach blockchain ecosystem.
Nearly every leveraged exchange token simply serves the purpose of functioning as a DAO metric, nothing else. On top of that, dYdX is decentralized, which brings even less attention to the exchange.
Who cares about the token value, the token is there to vote, dYdX is here to empower traders who seek to use leverage, in a non-kyc environment. Leveraged traders do not care whether a token goes up or down, all we care about is maximizing the direction it’s headed.
Hold dYdX for governance, if that’s what you’re interested in. Otherwise there’s much better hold and forget investment opportunities, in tokens that have wide applications. Investing in governance tokens and expecting it to make you rich is insane.
whats even more funny they all registered under the same affiliate dydx1q0kaelghp033n5wlkukwpd3jf77jz3y9stw697 so rewards program was exploited twice! Its pure incompetence
This proposal is totally wrong. I downloaded the csv file of the leaderboard 3 hours to the end of the campaign. I was 74 with an estimated surge leaderboard allocation utilization of 19k token and a total estimated reward of $6450. But now when the proposal is released, I see myself in 207 with a total allocation of 6131 dydx token allocation. This is a joke. The allocation is totally wrong
Now its the time for the buyback action from the dydx team.To act as a support level and dont let the price to fall down more.So lets see they will support the price with the buyback program?
As someone who participated in Surge since March, I definitely did benefit from the volume rewards; a small trader getting in large positioned losing trades - where I still made my initial +++ more just from the rewards alone.
That being said, having a trading incentive be volume oriented is so easy to game, I am not surprised to see foul play.
And even when the opportunity arose to have a trading competition, it was gone about all the wrong way, with no real transparency or celebration of the winners.
Learning notes for anyone who eventually launches a trading protocol I suppose.
