Decentralized exchange dYdX has released its governance token, airdropping tokens worth up to $100k to the most active users on the platform. Airdrops have always been a popular way of rewarding early adopters in the cryptocurrency ecosystem - with protocols such as Uniswap and 1Inch also utilising them in their infancy.

A report by Nansen, a blockchain data firm, claims that high-value traders are responsible for the meteoric rise of the Binance Smart Chain (BSC), as opposed to retail investors. Nansen analysed blockchain data, such as active addresses labelled as big traders and stablecoin transactions to come to its conclusion.

Popular Liquid staking protocol, Lido, has expanded to the Solana ecosystem and now supports the native token of Solana - SOL. Lido also has plans to expand its protocol to the Polkadot blockchain and popular layer 2 solution Polygon.

Top stories in the Crypto Roundup today:

• Decentralized Exchange dYdX Airdrops Governance Token
• Nansen Report Shows High-Value Traders Responsible for BSC Growth
• Staking Protocol Lido Expands to Solana Blockchain

Decentralized Exchange dYdX Airdrops Governance Token

Decentralized exchange dYdX has released its governance token, airdropping tokens worth up to $100k to the most active users on the platform. Airdrops have always been a popular way of rewarding early adopters in the cryptocurrency ecosystem - with protocols such as Uniswap and 1Inch also utilising a similar idea in their infancy. 

The number of tokens users received from the airdrop was determined by the users trading activity on the platform. According to the dYdX Foundation, the lowest tier airdrop was worth 310 tokens, which was achieved by trading at least $1 on the exchange. The highest tier, however, earned 9,529 tokens - this was achieved by trading in excess of $1 million. 

DYDX hit a daily high of over $14, putting the value of the airdrop between $4,000 and $135,000. The average user is thought to have received just over 1,000 DYDX worth roughly $16,000!

Nansen Report Shows High-Value Traders Responsible for BSC Growth

A report by Nansen, a blockchain data firm, claims that high-value traders are responsible for the meteoric rise of the Binance Smart Chain (BSC), as opposed to retail investors. Nansen analysed blockchain data, such as active addresses labelled as big traders and stablecoin transactions to come to its conclusion. 

The popular belief was that retail investors flocked to BSC as they were seeking low transaction fees and quicker transaction completion time. However, Nansen’s findings counter this, for they found that stablecoin transactions worth at least $1m made up over 90% of total stablecoin volume in April when PancakeSwap saw a spike in volume. 

“Smart money interaction is one of the possible positive indicators of a certain project or protocol,” Nansen’s report said. “Interestingly, as much as how BSC is negatively looked upon by some, data shows that quite a sizable amount of smart money addresses have dabbled in both BSC and [Ethereum].”

Staking Protocol Lido Expands to Solana Blockchain

Popular liquid staking protocol, Lido, has expanded to the Solana ecosystem and now supports the native token of Solana - SOL. Lido also has plans to expand its protocol to the Polkadot blockchain and popular layer 2 solution Polygon. 

Lido differs from traditional staking services by offering a service called liquid staking. At a high level, this means whenever you stake your funds with Lido, they provide you with a synthetic token in return, such as stSOL, stETH or stLUNA. These tokens can then be used on popular DeFi protocols. 

stSOL is going to be supported by popular Solana platforms including Serum, Raydium, Saber Labs, as well as wallets like SolFlare and Phantom. 

Kasper Rasmussen, chief marketing officer at Lido said that the protocol has become one of the largest ETH staking addresses, with more than 1% of all circulating ETH staked. "We look forward to similar growth on Solana," he said.

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