Market makers offer trades through order book & make money on bid-ask spreads (supply-side fees).

dYdX is a non-custodial trading and derivatives protocol initially built on Ethereum and later expanded to their own blcokchain built on top of the Cosmos SDK. dYdX was founded by Antonio Juliano and launched in 2017.

DYDX tokenholders own and govern the protocol. dYdX Trading Inc. currently takes all of the total trading fees paid by traders (revenue). dYdX’s investors include a16z, Polychain, The Spartan Group, etc.

governance

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Derivative exchanges

dYdX

# dYdX Bridge deposits Methodology

## 1. Overview

Bridge deposits represents the total USD value of tokens held in dYdX's bridge deposit address on Ethereum. This metric tracks the value of assets that users have deposited through dYdX's bridging infrastructure, providing insight into the capital locked in the protocol's cross-chain bridge mechanism. The calculation identifies a specific Ethereum address that serves as the bridge deposit contract and tracks the running balance of all tokens held in that address over time.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed Ethereum `Transfer` events to track token movements into and out of the bridge address
- **Transaction data**: Ethereum transaction traces and logs to capture all token transfer activity
- **Token metadata**: Token contract information including symbols, decimal places, and contract addresses for proper balance calculation
- **External data**: End-of-day price feeds for USD conversion of all token balances
- **Chain availability data**: Ethereum blockchain data availability periods to ensure data quality

## 3. Step-by-step calculation

### Component A: Bridge address identification
- **Purpose**: Identifies the specific Ethereum address that serves as dYdX's bridge deposit contract
- **Logic**: The model targets address `0xd54f502e184b6b739d7d27a6410a67dc462d69c8` as the primary bridge deposit address for dYdX's dYdX V4 protocol on Ethereum
- **Key fields**: The `account_addresses` configuration specifies the bridge contract address to monitor

### Component B: Portfolio balance calculation
- **Purpose**: Calculates the running balance of all tokens held in the bridge address over time
- **Logic**: The calculate_portfolio macro processes all `Transfer` events where the bridge address appears as either sender or receiver. For each token contract, it tracks inflows (when the bridge address is the recipient) and outflows (when the bridge address is the sender) to maintain running balances. Token amounts are converted to their standard decimal representation using token metadata. The process creates daily snapshots of all token balances held by the bridge address.
- **Key fields**: Key outputs include `timestamp` for daily boundaries, `balance` for token amounts in USD, and `chain` identifier for Ethereum

### Component C: Business metadata application
- **Purpose**: Adds business context and categorization to the portfolio data
- **Logic**: Each balance record is enriched with business metadata including chain identifier (ethereum), market sector (`blockchains_l2` indicating this is layer 2 blockchain data), business segment (`blockchain` indicating core blockchain operations), and product version (`dYdX V4` for dYdX version 4)
- **Key fields**: Business fields include `chain_id`, `market_sector_id`, `business_segment_id`, and `product_id`

### Final aggregation
- **Combining components**: All token balances for the bridge address are summed together at each daily timestamp to calculate the total `bridge_deposits` value
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds, with proper decimal adjustment based on token metadata
- **Time aggregation**: Data is aggregated to daily boundaries with timestamps representing end-of-day values
- **Final calculation**: The final bridge deposits value represents the total USD value of all tokens held in the specified bridge address, calculated as the sum of individual token balances multiplied by their respective USD prices. The finalize_metric macro applies forward-filling to handle data gaps and ensures consistent time grain boundaries. Results are filtered to only include periods where Ethereum blockchain data meets availability quality standards.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets held in a project's bridge contracts.

dYdXDYDX

Bridge deposits

Bridge deposits

Competitive landscape

Chain breakdown