Decentralized exchange dYdX native token DYDX DYDX/USD recovering by over 30% in the last 24 hours and surpassing Bitcoin BTC/USD, ether ETH/USD profits.

What happened: At the time of writing, DYDX was traded at $3.174. Apex crypto above $23,000, up 1.2% and ETH at $1,584, up 1% over the past 24 hours.

The surge in DYDX price came after the dYdX Foundation issued new governance tokens for its Layer 2 protocol on the blockchain on Tuesday.

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According to a blog post by dYdX, an initial allocation of 1 billion DYDX tokens, programmed to be accessible over five years, has been minted and made available starting August 3, 2021. To ensure fair distribution, 27.7% of the tokens were reserved for past investors of dYdX Trading Inc., 15.3% for founders, employees and advisors of dYdX Trading Inc. and the dYdX Foundation, and 7.0% for future employees and consultants of both organizations.

The purpose of the governance token is to enable a community governed protocol and align incentives between traders, liquidity providers and partners.

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