Decentralized derivatives exchange dYdX has become the latest to venture into the non-fungible token (NFT) space.
The new collection will be distributed to voters, traders, and the crypto community at large, according to the announcement.
Furthermore, the exchange plans to make the NFTs free to mint during the initial distribution. There will be two phases of distribution; the first will be to dYdX governance voters, traders, and the public beginning on February 1.
Then there will be daily and weekly distribution beginning on February 8 as rewards to top traders on the exchange.
— dYdX (@dydxprotocol) January 26, 2022
NFT Mania Continues
Minting the NFTs will only accrue gas fees, and the exchange will take no additional fees. However, there will be a 2.5% royalty fee on transactions that goes to the artists and project designers. The dYdX team commented:
“The Hedgies collection unlocks the next chapter for our community & brand. They will be awarded to champions of the market, and serve as the foundation of identity on the dYdX exchange, especially once Profiles launch.”
Additionally, there will be a few perks for NFT holders such as an increase in tiers for the exchange’s fee discount system.
There will be a pre-mint of 205 Hedgies for the dYdX Foundation for use to promote the growth of the protocol. There will also be a pre-mint of 96 NFTs for the dYdX Trading company to distribute.
The company confirmed that once the 2,443 Hedgies from the initial distribution have been minted, the next 1,757 Hedgies will be distributed to traders over two years.
DYDX Price Outlook
The derivatives exchange’s native token of the same name has not fared well recently. As a result, DYDX has plummeted 9.1% on the day to trade at $5.60 at the time of writing.
The market wide crypto crash hit the token’s price hard, having lost 19% over the past week. DYDX is now trading a painful 80% off its September 30 all-time high of $27.86, according to CoinGecko.
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