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    QONEQT in dydx

    02-Sep-2022 11:01 AM


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    dYdX ends contentious promo claiming ‘overwhelming demand’

    Decentralized crypto derivatives exchange dYdX says it has ended its short-lived and contentious $25 first deposit bonus promo amid a wave of backlash over its facial recognition requirements for new users.

    The exchange, however, simply cited “overwhelming demand” as the reason for its short-lived promotional campaign, which ended on Thursday “effective immediately.”

    The promo in question launched on Wednesday and it offered new users a $25 bonus if they deposited $500 or more into the platform.

    The only catch was that they had to agree to do a “liveness check” via webcam to verify their identity, which didn’t go down well with certain sections of the community.

    Around 24 hours later, dYdX tweeted that it would end the campaign “due to extremely overwhelming demand” after purportedly onboarding thousands of new users.

    The team behind the DEX didn’t outline how long the promo campaign would last during the initial announcement but stated that it “truly underestimated the amount of interest the campaign garnered.”

    dYdX, notably, made no mention of the community pushback in the most recent tweet but doubled down on its use of the facial recognition software in an earlier post, stating that it was only used to make sure users weren’t doubling up on accounts to claim the bonus.

    Some in the community aren’t buying it, with some believing the cancellation was largely a result of the contention, while others have expressed concerns with the platform using such tools in the first place.
    Source: Cointelegraph
    #dYdX