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 supply Methodology

## 1. Overview

The dYdX circulating token supply metric measures the number of dYdX tokens currently available for trading and circulation in the market. This metric excludes tokens that are locked, vested, held in protocol reserves, or otherwise not freely tradeable. The calculation relies entirely on external market data from CoinGecko, which aggregates supply information from multiple sources to provide standardized token supply metrics.

## 2. Data sources

The calculation uses the following external data sources:

- **CoinGecko API token supply feeds**: Daily circulating supply data for the dYdX token, which CoinGecko calculates by analyzing on-chain token data, protocol documentation, and verified supply information
- **External token metadata**: Token identification and classification data from CoinGecko's token database
- **Market data aggregation**: CoinGecko's processed supply calculations that account for locked, vested, and protocol-held tokens

## 3. Step-by-step calculation

### Component A: Circulating supply data retrieval
- **Purpose**: Fetches daily circulating supply data for the dYdX token from CoinGecko's API
- **Logic**: The system queries CoinGecko's token supply endpoint specifically for the dYdX token identifier. CoinGecko provides pre-calculated circulating supply values that exclude tokens locked in smart contracts, unvested tokens, protocol treasury holdings, and other non-circulating token supplies. This external calculation considers the token's specific tokenomics and supply mechanisms.
- **Key fields**: Daily `circulating_supply` values representing the number of dYdX tokens available for trading, along with corresponding `date` timestamps

### Component B: Data standardization and formatting
- **Purpose**: Standardizes the external supply data into Token Terminal's metric format
- **Logic**: The finalization process applies data validation checks, ensures proper date alignment for daily reporting, and implements gap-filling logic using a "fill zeros" strategy for any missing data points. This component also adds required metadata fields and converts the supply values into the standardized metric output format.
- **Key fields**: Standardized `value` field containing circulating supply amounts, `date` field with consistent timestamp formatting, and metadata fields like `data_id` set to "dydx"

### Final aggregation
- **Combining components**: The circulating supply data flows directly from the CoinGecko API through the standardization process without additional aggregation or calculation
- **Currency conversion**: No currency conversion is needed as this metric represents token quantities rather than dollar values
- **Time aggregation**: Daily boundary alignment ensures consistent reporting periods matching Token Terminal's standard metric timeframes
- **Final calculation**: The final metric value represents the daily circulating supply of dYdX tokens as calculated by CoinGecko's external supply analysis, with any data gaps filled using zero values to maintain continuous time series reporting

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

Number of tokens currently available for trading on the open market.

dYdXDYDX

Circulating supply

Circulating supply

Competitive landscape