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

github

twitter

discord

etherscan

website

Derivative exchanges

dYdX

# dYdX Circulating market cap Methodology

## 1. Overview

The dYdX circulating market cap metric measures the total market value of dYdX tokens currently in circulation. This metric provides insight into the market valuation of the freely tradeable dYdX token supply, excluding tokens that are locked, vested, or otherwise restricted from trading. The calculation uses external market data from CoinGecko's daily market capitalization feeds rather than calculating from on-chain data, as CoinGecko maintains specialized methodologies for determining circulating supply across different token types and protocols.

## 2. Data sources

The metric relies on external market data rather than blockchain events:
- **External market data**: CoinGecko daily market capitalization data, which includes both price and circulating supply information
- **Token metadata**: CoinGecko token identifiers and mapping data to handle the transition between dYdX's Ethereum token and dYdX Chain native token
- **End-of-day price feeds**: Integrated within CoinGecko's market cap calculations, representing daily closing values

## 3. Step-by-step calculation

### Component A: Market cap data extraction
- **Purpose**: Extracts daily circulating market capitalization values from CoinGecko's market data feed
- **Logic**: The system queries CoinGecko's daily market data using date-based logic to handle the dYdX protocol's migration from Ethereum to its own blockchain. For dates before January 15, 2024, it uses the `dydx` identifier representing the original Ethereum-based token. For dates from January 15, 2024 onward, it uses the `dydx-chain` identifier representing the native dYdX Chain token. This approach ensures continuity across the protocol migration while maintaining accurate market cap tracking for each token version.
- **Key fields**: Daily timestamp for date alignment, CoinGecko identifier for token selection, and `market_cap` values representing circulating market capitalization in USD

### Component B: Data standardization and finalization
- **Purpose**: Standardizes the market cap data format and applies data quality measures
- **Logic**: The extracted market cap values are renamed to `market_cap_circulating` for clarity and processed through a finalization macro that handles data completeness and formatting. The timestamp is standardized to daily grain format, and missing data points are handled using a zero-filling strategy to maintain continuous time series data.
- **Key fields**: Standardized `timestamp` field with daily granularity, `timestamp_grain` indicating daily intervals, and final `market_cap_circulating` values

### Final aggregation
- **Combining components**: The standardized market cap data flows directly from extraction to finalization without complex aggregation, as CoinGecko provides pre-calculated daily market cap values
- **Currency conversion**: Market cap values are already provided in USD by CoinGecko's feed, eliminating the need for additional currency conversion
- **Time aggregation**: Data is maintained at daily boundaries using CoinGecko's end-of-day calculation timing
- **Final calculation**: The final metric represents the daily circulating market cap values as calculated by CoinGecko's methodology, which multiplies circulating supply by market price for each day, with appropriate token identifier selection based on the migration date between dYdX's Ethereum token and dYdX Chain native token

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

Project valuation based on token price times circulating supply.

dYdXDYDX

Circulating market cap

Circulating market cap

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