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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Derivative exchanges

dYdX

# dYdX Token holders Methodology

## 1. Overview

The dYdX tokenholders metric counts the total number of unique addresses holding DYDX tokens across both the native dYdX blockchain and Ethereum. This cross-chain metric provides a comprehensive view of the DYDX token holder base by aggregating holders from the native dYdX chain (where DYDX exists as a native token) and Ethereum (where DYDX exists as an ERC-20 token). The metric answers the business question: "How many unique addresses currently hold DYDX tokens across all supported chains?"

## 2. Data sources

- **Native dYdX blockchain data**: Transaction records and account states from the dYdX native blockchain to identify addresses holding native DYDX tokens
- **Ethereum ERC-20 events**: Parsed `Transfer` events for the DYDX token contract (`0x92d6c1e31e14520e676a687f0a93788b716beff5`) to track token movements and calculate current balances
- **Ethereum token balance snapshots**: Daily balance snapshots or calculated balances for all addresses interacting with the DYDX token contract
- **Token metadata**: Contract information and decimal specifications for the DYDX token on Ethereum
- **Daily timestamp boundaries**: Time-based aggregation boundaries for consistent daily reporting

## 3. Step-by-step calculation

### Component A: Native dYdX tokenholders
- **Purpose**: Counts unique addresses holding DYDX tokens on the native dYdX blockchain
- **Logic**: Extracts daily tokenholder counts from native dYdX blockchain data. The data includes timestamp information for daily boundaries, chain identification as the native dYdX chain, and pre-calculated tokenholder counts. Values are cast to high-precision numeric format to ensure accuracy in subsequent calculations.
- **Key fields**: `timestamp` for daily boundaries, `chain_id` for chain identification, `tokenholders` as the count of unique addresses with non-zero DYDX balances

### Component B: Ethereum DYDX tokenholders
- **Purpose**: Counts unique Ethereum addresses holding the ERC-20 DYDX token
- **Logic**: Uses token balance calculation logic specifically configured for the DYDX token contract on Ethereum. The calculation processes `Transfer` events to maintain running balances for all addresses that have ever interacted with the token contract. Only addresses with current balances greater than zero are counted as tokenholders. The calculation includes proper decimal handling and excludes zero-balance addresses.
- **Key fields**: `timestamp` for daily aggregation, `chain_id` set to Ethereum, `tokenholders` as the count of addresses with positive DYDX balances, token contract address `0x92d6c1e31e14520e676a687f0a93788b716beff5`

### Final aggregation
- **Combining components**: Native dYdX and Ethereum tokenholder counts are combined using union logic, preserving all records from both chains. Each record maintains its chain identification, allowing for both chain-specific and total cross-chain analysis.
- **Currency conversion**: Not applicable - this is a count metric rather than a value-based metric
- **Time aggregation**: Both components use daily timestamp boundaries to ensure consistent reporting periods across chains
- **Final calculation**: The metric applies standardization formatting through finalization logic that adds metadata, ensures consistent field naming, and applies any necessary data quality checks. The final output provides daily tokenholder counts segmented by chain (native dYdX and Ethereum) with the ability to aggregate for total cross-chain tokenholders.

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

Unique addresses holding a non-zero balance of the project's native token.

dYdXDYDX

Token holders

Token holders

Competitive landscape

Chain breakdown