Crypto analyst Tyler Swope says the upcoming decentralized exchange (DEX) dYdX airdrop could be even bigger than Uniswap’s.
In a video, Swope said dYdX has the potential to eclipse Uniswap’s massive airdrop in September. The decentralized exchange gave away 400 UNI to any user that had interacted with the platform since its inception, which proved to be a substantial amount once the coin hit $8.00.
According to Swope, dYdX’s 2021 airdrop could create a similar experience.
He said:
So what could be another Uniswap coming in 2021 that already has a successful product built? That’s dYdX, the decentralized derivatives exchange built with smart contracts, thus you can trade margin and even perpetuals and it can’t be shutdown.
Swope said increased regulatory pressure on centralized exchanges such as BitMEX would push users towards DEX alternatives.
The popular trader also pointed to a recent interview by Cryptotesters with dYdX founder Antonio Juliano, who said the token’s launch would spur growth and participation from the DEX community.
Juliano said:
I’d say that we’re pretty seriously thinking about it from just a lot of different angles. We definitely see a lot of benefits to it. But first and foremost, our main priority has always been and will always be just making the best and most functional product and not necessarily just trying to hype it up with tokens or things like that.
Swopes continued, saying the token could be distributed to early supporters of the exchange. He predicted the market cap could reach higher than Uniswap’s peak at $610 million in September.
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