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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etherscan

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Derivative exchanges

dYdX

# dYdX Fully diluted market cap Methodology

## 1. Overview

Fully diluted market cap represents the total market value of all dYdX tokens if the entire token supply were circulating in the market. This includes all tokens that exist or will exist, including those that are locked, vested, or held in treasury. The metric is calculated daily by multiplying the token price by the total token supply, providing investors with a comprehensive view of the protocol's maximum potential market valuation.

## 2. Data sources

The calculation relies on the following external data sources:
- **CoinGecko daily market data**: End-of-day price feeds and total supply information for dYdX tokens
- **CoinGecko token metadata**: Token supply information including total supply figures that account for all minted tokens
- **External price feeds**: Third-party price data integrated through CoinGecko's aggregation system
- **Token supply data**: Total token supply information that includes all tokens regardless of circulation status

## 3. Step-by-step calculation

### Component A: Price data extraction
- **Purpose**: Obtain daily USD prices for dYdX tokens with proper handling of the token migration
- **Logic**: Extract end-of-day price data from CoinGecko's daily market data feeds. The calculation handles the dYdX protocol's token transition that occurred on November 27, 2023. For dates from November 27, 2023 onwards, the system uses the `dydx-chain` CoinGecko identifier to track the new dYdX chain token. For all dates prior to November 27, 2023, it uses the original `dydx` CoinGecko identifier. This ensures continuity across the token migration while maintaining accurate price tracking.
- **Key fields**: Daily timestamps converted to standardized format, USD prices (`price_usd`), and CoinGecko token identifiers (`coingecko_id`)

### Component B: Market cap calculation with total supply
- **Purpose**: Calculate the fully diluted market cap using CoinGecko's comprehensive supply data
- **Logic**: Utilize CoinGecko's market cap calculation functionality which combines the daily price data with total token supply information. The total supply includes all tokens that have been minted, including those held in treasury, locked in vesting schedules, or otherwise not currently circulating. This provides the "fully diluted" perspective by assuming all possible tokens are available in the market.
- **Key fields**: Token prices, total token supply figures, and calculated market cap values in USD

### Final aggregation
- **Combining components**: The final fully diluted market cap is calculated by multiplying the daily token price by the total token supply, with both values sourced from CoinGecko's comprehensive data feeds
- **Currency conversion**: All values are maintained in USD as provided by CoinGecko's price feeds
- **Time aggregation**: Data is aggregated on daily boundaries using end-of-day timestamps with standardized daily grain formatting
- **Final calculation**: Fully Diluted Market Cap = Token Price (USD) × Total Token Supply, where total supply includes all minted tokens regardless of circulation status. Missing data points are filled with zero values to maintain time series continuity.

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

Project valuation based on token price times total supply.

dYdXDYDX

Fully diluted market cap

Fully diluted market cap

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