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.

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dYdX

# dYdX Token trading volume Methodology

## 1. Overview

The dYdX token trading volume metric measures the total USD value of tokens traded on the dYdX protocol on a daily basis. This metric captures the aggregate trading activity across all supported tokens on the platform, providing insight into the protocol's usage and liquidity. The calculation combines raw trading event data from dYdX with external price feeds to produce daily USD-denominated trading volumes.

## 2. Data sources

- **dYdX protocol data**: Trading events, transaction records, and order execution data from the dYdX protocol
- **External price feeds**: End-of-day token price feeds from CoinGecko API for USD conversion
- **Token metadata**: Token contract information, decimal specifications, and symbol mappings
- **Blockchain transaction data**: On-chain transaction records related to dYdX trading activities

## 3. Step-by-step calculation

### Component A: Raw trading data extraction
- **Purpose**: Identify and extract all valid trading events from dYdX protocol data
- **Logic**: The system processes dYdX protocol data to identify trading events, order fills, and transaction records. This includes filtering for completed trades, excluding failed or reverted transactions, and capturing relevant trading parameters such as token amounts, trading pairs, and execution prices. The data is validated to ensure only legitimate trading activity is included.
- **Key fields**: Transaction identifiers, token addresses, trading amounts (`amount_raw`), token symbols, trading pair information, and timestamp data (`block_time`)

### Component B: Token volume calculation
- **Purpose**: Calculate the raw token volumes for each trading event
- **Logic**: For each identified trading event, the system extracts the token amounts involved in the trade. This includes handling different token types, normalizing decimal places according to each token's specification, and ensuring accurate volume calculation for both sides of trading pairs. The calculation accounts for dYdX-specific trading mechanics and order execution patterns.
- **Key fields**: Normalized token amounts (`amount`), token decimals, trading pair volumes, and individual trade sizes

### Component C: USD conversion
- **Purpose**: Convert token volumes to USD using external price feeds
- **Logic**: The system matches each token involved in trading with corresponding price data from CoinGecko API. End-of-day prices are used to ensure consistent valuation across all trades within a given day. The conversion process handles missing price data, applies appropriate fallback strategies, and ensures accurate USD denomination for all supported tokens.
- **Key fields**: Token prices in USD (`price_usd`), conversion timestamps, and USD-denominated volumes (`volume_usd`)

### Final aggregation
- **Combining components**: Daily trading volumes are calculated by summing all USD-converted token trading volumes for each day, ensuring no double-counting of trades and proper handling of multi-token transactions
- **Currency conversion**: All token amounts are converted to USD using end-of-day CoinGecko price feeds, with consistent pricing applied across all trades within the same day
- **Time aggregation**: Trading volumes are aggregated on a daily basis using transaction timestamps, with proper timezone handling and daily boundary definitions
- **Final calculation**: The final metric represents the total USD value of all tokens traded on dYdX for each day, with zero values filled for days with no trading activity to ensure continuous time series data

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

Total trading volume of the project's native token across spot venues.

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Token trading volume

Token trading volume

Competitive landscape