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

website

Derivative exchanges

dYdX

# dYdX Staking market cap Methodology

## 1. Overview

Staking market cap represents the total USD value of DYDX tokens currently staked (delegated) on the dYdX blockchain. This metric measures the economic value committed to securing the network through the proof-of-stake consensus mechanism. The calculation tracks the cumulative balance of all delegation and undelegation events, converts the token amounts to standard units, and applies current market prices to determine the total USD value of staked assets.

## 2. Data sources

The calculation relies on three primary data sources:

- **dYdX blockchain events**: Message events from the dYdX blockchain containing delegation and undelegation transactions, including event attributes with validator addresses and token amounts
- **Token price feeds**: End-of-day price feeds from CoinGecko for DYDX token USD conversion
- **Chain metadata**: dYdX chain configuration data including token decimals and addressing information

## 3. Step-by-step calculation

### Component A: Delegation events extraction
- **Purpose**: Captures all staking (delegation) transactions where users delegate DYDX tokens to validators
- **Logic**: Filters dYdX blockchain message events for `delegate` event types, extracts validator addresses and token amounts from JSON event attributes using regex pattern matching to remove the `adydx` suffix, converts string amounts to numeric values for calculation
- **Key fields**: `block_timestamp` for timing, `validator` address for delegation target, `amount` in micro-DYDX units extracted from event attributes

### Component B: Undelegation events extraction  
- **Purpose**: Captures all unstaking (undelegation) transactions where users withdraw DYDX tokens from validators
- **Logic**: Filters dYdX blockchain message events for `unbond` event types, extracts validator addresses and token amounts from JSON event attributes using the same regex pattern, converts string amounts to numeric values for calculation
- **Key fields**: `block_timestamp` for timing, `validator` address for undelegation source, `amount` in micro-DYDX units extracted from event attributes

### Component C: Movement aggregation
- **Purpose**: Combines delegation and undelegation events into a unified dataset of staking balance changes
- **Logic**: Unions delegation events (positive amounts) with undelegation events (negative amounts) to create a complete movement history, groups by day to aggregate all staking changes within each 24-hour period, sums amounts to get net daily balance changes
- **Key fields**: Daily aggregated `assets_staked_balance` representing net change in staked tokens per day

### Component D: Cumulative balance calculation
- **Purpose**: Calculates the running total of assets staked over time from daily balance changes
- **Logic**: Applies cumulative sum over daily balance changes ordered by date to maintain running total of staked assets, forward-fills missing dates to ensure complete daily time series coverage without gaps
- **Key fields**: `assets_staked` representing total cumulative staked balance in micro-DYDX units

### Final aggregation
- **Combining components**: Takes the daily cumulative staked balances and applies unit conversion and pricing
- **Currency conversion**: Converts from micro-DYDX units to standard DYDX tokens by dividing by 10^18, then applies USD conversion using end-of-day CoinGecko price feeds for the DYDX token
- **Time aggregation**: Maintains daily granularity with forward-filling to ensure complete coverage
- **Final calculation**: The final staking market cap equals the total cumulative DYDX tokens staked multiplied by the current DYDX token price in USD, representing the total dollar value of all assets currently committed to staking on the dYdX network

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

Value of native tokens currently staked to secure a proof-of-stake network.

dYdXDYDX

Staking market cap

Staking market cap

Competitive landscape

Chain breakdown