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 Transaction count Methodology

## 1. Overview

The dYdX transaction count metric measures the daily number of unique successful transactions on the dYdX blockchain. This metric tracks user activity and network utilization by counting all transactions that successfully executed and incurred fees, providing insights into the protocol's daily usage patterns and adoption.

## 2. Data sources

- **dYdX blockchain transaction records**: Complete transaction history from the dYdX layer-1 blockchain including transaction hashes, block timestamps, transaction fees, and tips
- **dYdX chain block data**: Block-level data with timestamps used for daily time boundary calculations

## 3. Step-by-step calculation

### Component A: Transaction filtering and preparation
- **Purpose**: Extract and validate successful dYdX blockchain transactions
- **Logic**: Retrieve all transactions from the dYdX blockchain transaction records. Filter to include only successful transactions by excluding any transactions where the `transaction_fee` field is null, as these represent failed transactions that should not count toward network activity. Calculate the total transaction cost by summing the `transaction_fee` and `transaction_tip` fields, handling null values by treating them as zero.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for unique identification, `transaction_fee` and `transaction_tip` for validation and fee calculation

### Component B: Daily aggregation
- **Purpose**: Group transactions by day and count unique occurrences
- **Logic**: Truncate the `block_timestamp` to daily boundaries to establish consistent time periods. Group all filtered transactions by the truncated daily timestamp. Count distinct `transaction_hash` values within each day to ensure each unique transaction is counted exactly once, regardless of any potential data duplication.
- **Key fields**: Truncated `timestamp` for grouping, distinct `transaction_hash` for counting, `transaction_count` as the aggregated result

### Final aggregation
- **Combining components**: The daily transaction counts are processed through a finalization macro that validates the data schema, ensures consistent field naming, and checks for missing days in the time series
- **Currency conversion**: No currency conversion is required as this is a count metric
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day precision, with each day representing a complete 24-hour period in the blockchain's native timezone
- **Final calculation**: The final metric value is the count of distinct transaction hashes per day, with any missing days filled with zero values to maintain a complete time series. Results are filtered based on chain availability configuration to ensure data quality and consistency.

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

Confirmed transactions added to the blockchain.

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Transaction count

Transaction count

Competitive landscape

Chain breakdown