CoinGecko's DYDX Report Just Released: Blockchain Token Management Systems Growing

by 99Crypto

As part of an initial distribution system for its new project, blockchain developer dYdX chose to airdrop thousands of newly minted tokens into the digital wallets of lucky users who are now holding onto $100,000 worth of the governance cryptocurrency. Record-high pricing of $14.28 was posted earlier this week.

On August 1, digital asset data firm CoinGecko released a new report about the dYdX decentralized finance project, is building an end-to-end token management system for blockchain businesses. CoinGecko’s report shows that the project has seen massive growth in the number of tokens it has tracked. The data from the startup says that the company has had the second-fastest token creation and most active users. Executives and project leaders showed that the project is currently generating about $0.1 million per month.

As an example of the project’s use cases, CoinGecko’s report said that the project is planning to make sure users don’t need to deal with complicated trading processes by providing an easy-to-use interface as well as smart contracts that can be used in the exchange for margin trading. Essentially, dYdX can provide an entire exchange platform.

The startup said growth has been caused by its success in engaging with users from countries such as China, Japan, South Korea, India, and the Philippines. More notably, the DYDX project was created as a tool that would give investors and investors more accurate data as well as an opportunity to exercise governance by consensus. Project leaders said that they want to provide this data in a more useful and cost-efficient way.

This project first launched on the Ethereum blockchain in March 2018 and has since launched it in three other blockchains, including EOS, NEO and Tron. CoinGecko’s data shows that the number of DYDX tokens in circulation has grown significantly, rising to over 24 million in August. According to CoinGecko’s report, the number of users for the DYDX project has also been growing fast with over a million users currently tracked by CoinGecko. The company said that it will share more about its progress and the state of the project later this month.