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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dYdX

# dYdX Price Methodology

## 1. Overview

This metric tracks the daily USD price of the dYdX token, handling a transition between two different token identifiers that occurred on November 27, 2023. The calculation sources end-of-day price data from CoinGecko and applies data quality measures to ensure consistent price coverage across the historical timeline.

## 2. Data sources

- **CoinGecko daily market data**: End-of-day token price feeds from CoinGecko's market data API
- **Historical dYdX token data**: Price data for the original dYdX token (identifier: `dydx`)  
- **dYdX Chain token data**: Price data for the dYdX Chain token (identifier: `dydx-chain`) following the chain migration

## 3. Step-by-step calculation

### Component A: Historical price data extraction
- **Purpose**: Extracts daily USD prices for dYdX tokens across both the original token and chain migration
- **Logic**: The system queries CoinGecko's daily market data using two different token identifiers based on a date threshold. For dates before November 27, 2023, it retrieves price data using the `dydx` identifier. For dates from November 27, 2023 onwards, it switches to the `dydx-chain` identifier. This date-based switching handles the dYdX chain migration event where the token representation changed in CoinGecko's system.
- **Key fields**: The extraction captures `daily_timestamp` as the date, sets `timestamp_grain` to 'day' for daily aggregation, and retrieves `price_usd` as the end-of-day USD price

### Final aggregation
- **Combining components**: The price data from both token identifiers is combined into a single continuous time series
- **Data quality measures**: A fill zeros strategy is applied to handle any missing price data points, ensuring consistent daily coverage
- **Time aggregation**: Daily price points are maintained at day-level granularity with proper timestamp formatting
- **Final calculation**: The result provides a continuous daily time series of dYdX token prices in USD, properly bridging the transition between the original dYdX token and dYdX Chain token pricing data

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

Current USD value of a project's governance or native token.

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